OPERATOR:: MIDAS GOLD CORP.
ROYALTY: NSR: 1.7%
In May 2013, Midas Gold Corp. (“Midas Gold”) agreed to sell to Franco-Nevada a newly created 1.7% NSR on the future gold production from Midas Gold’s Stibnite project in Idaho for $15.0 million. The agreement is subject to an option by Midas Gold to re-acquire one-third of the royalty for $9.0 million which expires on May 9, 2016. The Stibnite project is located near the historic mining town of Stibnite, Idaho, about 153 km northeast of Boise, Idaho and is one of the highest grade open-pit deposits in the U.S. Midas Gold has consolidated 107 km2 of unpatented and patented claims. On December 15, 2014, Midas Gold announced the results of an independent pre-feasibility study on the Stibnite project. The study envisages three open-pit mines along with the retreatment of historical tailings supplying a common processing plant. The Stibnite project is expected to have a 12 year mine life with annual gold production of 337,000 ounces per year. Midas Gold continues to engage stakeholders and complete environmental baseline studies and in February 2016 announced its intention to raise up to C$55.2 million to advance the project.