Agreement Amended at Thunder Mountain’s Trout Creek Exploration Project Located in Lander County, Nevada
Boise, Idaho and Elko, Nevada (FSCwire) - Thunder Mountain Gold Inc. (TSX-V: THM; OTCQB: THMG) (the Company), is pleased to announce that it has signed an Amendment that modifies and extends the exploration Minerals Lease and Agreement with Newmont USA Limited on the Company`s Trout Creek Project. The extension allows the Company additional time periods to complete work requirements on the project and reduces the yearly work obligations.
Jim Collord, Chief Operating Officer of the Company, said, “We are very pleased that Newmont has worked with us on the extension of our relationship with this revised agreement. Newmont is a valuable partner for us on this project, and we look forward to advancing the exploration target as soon as possible. It is our belief that Trout Creek is one of the best remaining pediment plays in Nevada with a favorable structural setting on the Eureka-Battle Mountain Trend, and more locally the Cortez-Phoenix alignment.”
Qualified Person – Edward D. Fields is the Qualified Person as defined by National Instrument 43-101 responsible for the technical data reported in this news release.
Trout Creek Background:
Trout Creek is a gold target situated on the Eureka-Battle Mountain trend in the Reese River Valley east of Newmont’s operating Phoenix Mine and past producing Cove-McCoy Mines. Thunder Mountain signed a strategic exploration agreement with Newmont USA Limited in 2011. Newmont included a private mineral package covering about 9,565 acres which was added to the original 78 unpatented mining claims (1,560 acres) staked by Thunder Mountain Gold in 2007 and added claims in 2012.
Under the terms of the Amendment, the Company was will be required to conduct and manage the exploration program and expended at least $150,000 by October 31, 2016. Under an escalating work commitment the out years, an additional $300,000 must be expended by October 31, 2017, and continuing into future years. Conducting drilling on Newmont lands is part of the work commitment, but the Agreement can be terminated after the minimum expenditure commitment has been made.
The Agreement outlines the terms of a joint venture in which Newmont can earn up to 70% of the project by expending 150% of the Company’s expenditures up to the point that Newmont decides to form a joint venture. If the Company defines economic mineralization of 500,000 ounces of gold or gold equivalent resources on the property and Newmont decides not to joint venture, then the Company can obtain ownership of any or all of the Newmont lands within the Area of Influence and Newmont would retain three percent (3%) of net smelter returns (NSR) as royalty interest.
Regarding Thunder Mountain Gold Inc.
Thunder Mountain Gold, a junior gold exploration company founded in 1935, owns interests in base and precious metals projects in the western U.S. The Company’s principal assets are The South Mountain Project – Owyhee Gold Trust Joint Venture, located on private land in southern Idaho, just north of the Nevada border, and their Trout Creek Project – a grass roots gold target in the Eureka-Battle Mountain trend of central Nevada, currently under Joint Exploration Agreement with Newmont USA Limited. For more information on Thunder Mountain, please visit the Company’s website at www.Thundermountaingold.com.
U.S. Securities Act of 1933
This press release does not constitute an offer of any securities for sale or a solicitation of an offer to purchase any securities.
Forward-Looking Statements
This press release contains forward-looking statements that are based on the beliefs of management and reflect the Company's current expectations. The forward-looking statements are based on certain assumptions, which could change materially in the future. By their nature, forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include the risk that the Company may not fully advance the Trout Creek Project contemplated in this press release. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on forward-looking information. Forward-looking information is provided as of the date of this press release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required in accordance with applicable laws.
Cautionary Note to Investors
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The United States Securities and Exchange Commission (“SEC”) permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce.
For further information, please contact:
Thunder Mountain Gold Inc.
Eric Jones, President and C.E.O.
Email: eric@thundermountaingold.com
Phone: (208) 658-1037
Jim Collord, Vice President and C.O.O.
Email: jim@thundermountaingold.com
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/ThunderMtnNov62015.pdf
Source: Thunder Mountain Gold Inc. (TSX Venture:THM, OTCQB:THMG) http://www.thundermountaingold.com/s/Home.asp
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