Golden Dawn Minerals Inc. (TSX-V: GOM) (OTC: GDMRF) has announced the execution of $4 Million Metal Purchase Agreement with RIVI CAPITAL LLC. According to the agreement Golden Dawn will receive $4,000,000 or approximately CDN $ 5,200,000. The deal consists of the Greenwood Mill, Lexington Mine and Golden Crown Mine.
Golden Dawn Minerals Inc. is a Canadian based resource exploration company, which focuses on acquisition, exploration and development of mineral properties. Golden Dawn holds interests in resource properties in British Columbia.
The Metal Purchase Agreement obligates Golden Dawn Minerals to deliver 13.5% of the gold production limited to the Lexington and Golden Crown Mines for US $ 400 per ounce to a total of 15,000 oz. Post-delivery of 15,000 oz at US $ 400 per oz, the percentage of production from the Lexington and Golden Crown Mines to be delivered to RIVI will be reduced to 6.75%, and the price per oz. of gold paid by RIVI to the company will increase to US $ 650 per oz.
The Company will resume underground diamond drilling by Jan. 19th, 2017 at the 100% owned May-Mac Mine, and has also submitted a Notice of Work (Permit Application) on November 19th, 2016, to extend the 7 Level drift to the northwest beyond its termination to access intercepts obtained from the recent surface and underground drilling on the Skomac multiple vein system. When the permit approved, a bulk sample of up to 10,000 tonnes will be extracted from the adit and mineralized zones above the #7 Adit. This bulk sample will be processed in the Company's Greenwood Mill.