Canadian miner Hudbay Minerals has acquire 187 mining claims, including 87 privately owned past producing lode-mining claims central to the Yerington copper district, in Nevada, and adjacent to its Mason deposit.
Exploration company GRG International sold the land package to Hudbay for an upfront cash payment of $3.5-million and additional obligations, including two milestone payments.
Hudbay has agreed to purchase 0.5% of GRG net smelter royalty (NSR) for $500 000 and has the option to purchase an additional NSR of 1.0% which results in GRG retaining in perpetuity an NSR of 1.0%.
The agreement includes an exclusive GRG licence agreement to commercially develop industrial materials on private property.
GRG points out that the past producing mining claims package includes four historic high-grade underground copper mines previously mined by William Boyce Thompson, founder of Newmont Corporation.