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First Mining options Turquoise Canyon gold mine to focus on Canadian assets

First Mining Gold Corp. said Aug. 21 that it signed a four-year option agreement granting Momentum Minerals the right to earn 100% interest in the Turquoise Canyon gold property in Nevada for up to C$500,000 in cash and shares over four years.

Momentum will also take responsibility for paying all annual concession tax payments with respect to the property to the state land management authorities starting in 2020.

Momentum will also be required to fund C$750,000 in exploration over the option period.

First Mining will retain a 2% net smelter royalty upon completion of all payment and expenditure obligations, while Momentum will obtain full ownership of the property.

Momentum will have the right to buy half of the net smelter royalty for C$1.0 million up until one year from the start of commercial production.

The optioning of the property will allow First Mining to focus its core business on its Canadian assets. In April, First Mining raised C$6 million from a private placement to fund the development of its Canadian gold products and for general working capital.