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Emgold Mining Corporation: Emgold Announces Partner Kennecott Exploration Is Commencing Drill Program at the New York Canyon Coppery Property in Nevada


Emgold Mining Corporation: Emgold Announces Partner Kennecott Exploration Is Commencing Drill Program at the New York Canyon Coppery Property in Nevada
Emgold or the
KEX ), a subsidiary of Rio Tinto plc
(RIO), is commencing a drilling program at the New York Canyon Property, Nevada (the
Property ). The Property is subject to an Earn-In with Option to Joint Venture Agreement (the
Agreement ) between Emgold and KEX.
Kennecott can earn up to a 75% interest in the Property by completing up to US$22.5 million in exploration expenditures (see Emgold s February 11, 2020 press release available at www.emgold.com or under Emgold s corporate filings at www.sedar.com for more details). Under the terms of the Agreement, KEX has a First Option to acquire a 55% undivided interest in the Property by incurring US$5.0 million in expenditures over a 5-year period, of which US$1.0 million is a committed expenditure that must be completed prior to the 18 month annivers ....

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