GNCC Capital, a gold and silver exploration company, has reached an agreement to acquire the “White Hills” gold exploration properties for aggregate $10 million. GNCP will form a new wholly owned subsidiary, Subco, to hold the gold property.
“White Hills” is an advanced gold exploration property that will comprise 1,840 acres of staked mining claims and mineral rights. Further details on the property and acquisition agreement can be found in the following filing: http://dtg.fm/9zcT.
“Based upon proven historical geological and drilling and assay results and data, management is of the opinion that an additional extensive drilling and exploration campaign will yield considerably higher grades than detailed herein and considers this substantial investment to be justified,” the company stated in its filing.
Per the agreement, Subco will also pay a net smelter royalty fee of 4 percent and will fund the immediate staking of an additional 82 lode claims around the “White Hills” claims. The transaction is expected to close June 17, 2013.
For more information visit www.gncc-capital.com
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