Bullion Monarch Mining Inc. announced yesterday that they received their first royalty payment from Newmont Mining’s North Lantern Mine. This mine is in the gold rich Carlin Trend of Northeastern Nevada.
This is the third mine operated by Newmont, the others being Leeville underground and East Ore Body, to produce inside Bullion Monarch’s core royalty claim block. Bullion Monarch Mining receives, by contract, a one percent royalty on all production in this approximately five square-mile claim block.
Bullion Monarch Mining has no projections for amount or duration of these new royalty payments. The Company has requested more detailed accountings of the royalties being paid by Newmont Mining as specified in the contract. Newmont has refused to provide the requested data to date, according to Bullion Monarch Mining Inc.
Pursuant to agreement, Bullion Monarch Mining stopped mining and exploration activities in the Lynn Mining District located in Northern Eureka County in Nevada, and in a defined multiple square mile area of interest surrounding that mining district. In return, Newmont (via their predecessor), as claimed by Bullion, agreed to pay Bullion a one percent royalty on any production in the Lynn Mining District and the area of interest that was described in the Agreement.
Bullion Monarch Mining Inc. has been attempting to collect additional royalties that the Company believes are owed pursuant to a 1979 agreement between predecessors of Bullion and Newmont in litigation commenced in the United States District Court for the District of Nevada, styled as “Bullion Monarch Mining, Inc. versus Newmont USA Limited, a Delaware corporation, d/b/a Newmont Mining Corporation, and Does I-X, inclusive.”
The Court has recently granted Summary Judgment in favor of Newmont on their defense of Laches. Bullion Monarch Mining Inc. is seeking clarification of the extent of the ruling and will seek reconsideration of the ruling. They also expect that Bullion will appeal the ruling. A similar case against Barrick continues.
Headquartered in St. George, Utah, Bullion Monarch Mining Inc. is a gold-focused royalty company with additional interests in oil-shale technology and other assets. The Company looks to acquire existing mineral royalties or to finance mining projects that are in production or in development stage in exchange for royalty interests or a participating interest.
They engage in a continual review of opportunities to create new royalties or participating interests via the financing of mine development or exploration, or to acquire companies that hold royalties. The majority of the Company’s current revenues come from a high-quality royalty claim block located in Northeastern Nevada’s Carlin Trend.
They also have an interest in various mineral assets in North and South America in the exploration and development stages, which have the potential to generate future royalty or other revenues. Bullion Monarch is also developing a process through their subsidiary, EnShale Inc. They believe this process can extract the oil content from oil shale on a commercially reasonable and economically beneficial basis.
For more information visit www.bullionmm.com
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