The gold scene is thriving in this country, and one of the up-and-comers is Vancouver-based Northern Lights Resources Corp. (CNSX:NLR) which shook up the industry Tuesday morning with exciting news.
NLR announced an agreement to acquire a 100% interest in the Secret Pass Gold Project in Arizona’s Mohave County.
Northern Lights is buzzing about the transaction because Secret Pass consists of 84 unpatented lode mining claims comprising 655.6 hectares (1,620 acres) of claims, as well as 212.4 hectares (524.9 acres) for a total of 868 hectares (2,145 acres).
The pact consists of an option which the company has till August 21 to exercise. Once it does, Northern Lights will pay the Seller a cash consideration of $75,000 U.S., within 30 days, the company will issue 2,000,000 common shares, and pay another $150,000 U.S. by the end of August, and finally, another $125,000 U.S. by mid-October.
A news release out Tuesday morning says then, 100% ownership of the Project will be transferred to Northern Lights or its nominee free of any third-party royalties.
Shares in NLR dipped half a cent, or 11.1%, mid-morning Tuesday, on volume of 91,000 shares.
