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Lincoln permits private company to explore placer claims on Pine Grove gold project

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Lincoln permits private company to explore placer claims on Pine Grove gold project

Lincoln MiningCorp. entered into an exploration license agreement with Montana-basedprivate company, Placer Solutions LLC, to explore the placer claims on the company'sPine Grove goldproject in Nevada.

Under the 18-month agreement, Placer Solutions has the exclusiveright to explore the claims by paying US$10,000, the company said May 2.

The private company also has an exclusive option to enter intoa five-year mining lease for an annual rental fee of US$10,000 in the first yearand US$6,000 in the following years and a 20% net operating profit royalty.

If Placer Solutions exercises the lease option, it will havean exclusive three-year right to purchase the claims and buyout the royalty fora total of US$1.5 million.

The company intends to develop its lode claims separately, itadded.