(Alliance News) - Great Western Mining Corp PLC on Thursday said it has agreed to acquire the Olympic Gold project in Mineral County, Nevada from Nevada Select Royalty Inc for USD150,000.
Great Western Mining is a Nevada-focused gold, silver and copper explorer.
This comes after its wholly owned US subsidiary, Great Western Mining Corp, entered into an agreement with Nevada Select, a subsidiary of Gold Royalty Corp, for an option to acquire the Olympic Gold project back in 2020.
The project consists of 48 contiguous claims over 825 acres, including the abandoned Omco gold mine, Great Western Mining said.
The agreement gave GWMC the right to explore these claims for four years, in return for making annual option payments.
As the option period is due to expire shortly, GWMC has now served Nevada Select with formal notice of exercising its option to complete the acquisition of the project.
Chair Brian Hall commented: "The Olympic Gold project has become an important component of our exploration activity as well as a potentially key source of feedstock for our milling operation, which is ready to start operations once an environmental permit is in place. We are very pleased to have been able to move Olympic from option status to a fully integrated part of our portfolio."
Shares in Great Western Mining were down 2.1% at 0.046 pence each in London on Thursday morning.
By Sabrina Penty, Alliance News reporter
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Great Western (GWMO)