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Newrange Gold to acquire Pamlico mining fleet at no additional cost

Newrange Gold Corp. negotiated an agreement to acquire the entire Pamlico mining fleet, which has an estimated value of more than US$1.5 million, from a private party at no additional cost.

Under the terms, Newrange can acquire the equipment by making the discounted, early payment for the Pamlico gold mine in Nevada within 18 months following the July agreement.

In addition, the parties agreed to amend the Pamlico payment schedule.

Under the amended schedule, Newrange made payments totaling US$25,000 as of Dec. 15, with the next payment of US$125,000 due March 1, 2017.

The remaining terms of the Pamlico deal are unchanged, the company said in a Dec. 20 release.

The mining fleet provides Newrange access to all major components necessary to complete the development and permitted test mining in the Merritt zone at the Pamlico mine.