MineralMountain Resources Ltd. said July 18 that it has closed theacquisition of 19mining claims and a comprehensive database with results from over US$10 millionworth of exploration work in the Rochford gold district in Black Hill, SouthDakota.
The company acquired the properties and the database fromBHB Partners Larry Berger, Curt Hogge and Ron Berdahl, and Tate Berger.
Mineral Mountain acquired three strategically locatedunpatented lode mineral claim groups — the South Standby property, the Cochrane Southproperty and the Silver Creek property — totaling 19 claims.
The company has also completed the compilation of thehistorical database, which led to the recent staking of 37 unpatented lode claims locatedalong the Standby-South Standby-Lookout Mountain mine trend.
Including the purchased claims and the recently staked 37claim block, the company now owns a 100% interest in 345 unpatented mineralclaims for an area totaling about 5,447 acres.
Pursuant to the deal terms, Mineral Mountain has issued theowners a total of 4 million common shares.
The company also granted the sellers a collective 2% netsmelter returns royalty on the purchased claims, a collective 1% net smelterreturns royalty on Mineral Mountain's claims in the Rochford district and acollective 1.5% net smelter returns royalty on claims falling within the areaof mutual interest.