Toronto-based royalty company Euro-Nevada Mining (TSE) recently added royalty interests in two U.S. projects to its growing portfolio. Euro-Nevada has agreed to acquire from Centurion Gold (NASDAQ) subsidiary Nevada King a 7% net smelter royalty on 150 acres of land known as the Good Hope and Copper King claims for $1 million. The claims are on the Carlin gold trend and cover in part Newmont Gold’s (NYSE) Tusc and Gold Quarry open pit mines.
Under an agreement the 7% net smelter royalty drops to 5% after an initial US$1.5 million has been paid out.
Euro-Nevada has also picked up a 2% net smelter return royalty on Canyon Resources’ (NASDAQ) Briggs gold property in California for US$400,000.
The royalty includes 3,280 acres in California’s Panamint range where Canyon has outlined in situ preliminary reserves of 17.2 million tons grading 0.035 oz. gold per ton. Canyon President Richard DeVoto says negotiations that could lead to a joint venture with a major mining company are under way. Plans for an open pit mine should include about 80% of those reserves.
But he said Euro-Nevada is being “highly optimistic” in predicting that the project could be producing gold by 1993.
Be the first to comment on "Euro-Nevada adds to royalty portfolio"