Empire gold project dispute settled

The option is for a 120-day period, but it may be extended for a similar period through the payment to Nevada Goldfields of $100,000 and $25,000 to Clear Creek.

During the option period, Marquette will be allowed to conduct exploration on the Empire property. The company can also purchase the interests of Nevada Goldfields and Clear Creek for $2 million and $1.5 million respectively.

If Marquette purchases those interests, Nevada Goldfields and Clear Creek will retain a capped production royalty in the property. Should Marquette not exercise the option, the three companies will resume development of the property under the terms of the joint venture agreement as modified by the lawsuit settlement agreement.

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