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Orla Mining secures option over 4 claims near Monitor gold project in Nevada

Ely Gold Royalties Inc.'s Nevada Select Royalty Inc. unit inked a definitive agreement to option four unpatented mining claims in Nevada to Orla Mining Ltd.'s Monitor Gold Corp. subsidiary.

The claims are located within Orla Mining's Monitor gold project that it agreed to acquire from Mountain Gold Claims LLC, according to a March 28 release.

Under the deal terms, the company is required to make staged payments totaling US$677,000 until the tenth anniversary of the deal. Upon exercise of the option, Nevada Select will retain a 2.5% net smelter return royalty on the claims, while Monitor will have the right to repurchase 1 percentage point of the NSR for a total of US$1 million.

Monitor may terminate the deal without further liability for future option payments.