Full ownership of three gold concessions in Costa Rica is being acquired by Lyon Lake Mines (ME).
Subject to regulatory approval, Lyon will purchase the 50% interest of project partner Adex Mining (TSE) in the three concessions.
The deal calls for Lyon to transfer to Adex 400,000 shares of Mosquito Consolidated Gold Mines (VSE) and to pay a 1% net smelter royalty up to $350,000.
Should the concessions enter commercial production, Lyon must pay a 10% net profits royalty to Minera Nacional, a Costa Rican government agency. Lyon says it will complete during the next few months, a feasibility on one of the concessions (Beta Vargas). Envisioned for Beta Vargas is an open-pit operation of 3,000 tons per day.
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