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Fremont Gold secures option on Ely Gold's North Carlin property in Nevada

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Fremont Gold secures option on Ely Gold's North Carlin property in Nevada

Ely Gold Royalties Inc. subsidiary Nevada Select Royalty Inc. agreed to option the North Carlin gold project in Nevada to a unit of Fremont Gold Ltd.

To acquire a 100% stake in the project, Fremont unit Intermont Exploration LLC will pay US$267,500 and issue 200,000 Fremont shares to Ely Gold over five years.

After exercising the option, Nevada Select will be entitled to a 2% net smelter returns royalty with Fremont holding the right to buy down 1% of the NSR for US$3 million.

The North Carlin project comprises 12 unpatented mining claims.

Fremont and Ely Gold entered into a similar deal in January for the Gold Canyon property.