GRAND JUNCTION, CO--(Marketwired - Jul 12, 2017) - Bullfrog Gold Corp (
Lease on Patents
The Company completed this lease effective July 1, 2017 on 24 patented mining claims which have been in the Leipzig family for nearly 40 years.
Two patents are adjacent and west of the M-S pit that could allow potential expansion of the pit down dip of the Polaris vein and stock work system.
Ten patents have provided the Company with contiguous and connecting lands between the M-S and Bullfrog pits. These patents will also allow further expansions of the Bullfrog pit to the north and east.
Four patents are within 0.5 to 1.2 miles west of the Bullfrog pit in the vicinity of the Bonanza Mountain open pit mine.
Eight patents are in an exploration target area located about 1.5 miles NW of the Bullfrog pit and where the Company has owned one patent since 2011.
The lease includes terms customary in the industry with specifics as follows:
The Company paid $26,000 on signing and is scheduled to annually pay $16,000 for years 2-5, $21,000 for years 6-10, $25,000 for years 11-15, $30,000 for years 16-20, $40,000 for years 21-25 and $45,000 for years 26-30.
Production royalty of 5% net smelter returns with the right to buy-down to 2.5%.
The Company is to expend as a work commitment not less than $50,000 per year and $500,000 in total to maintain the lease.
The Company has rights to commingle ores and the flexibility to operate the Project as a logical land and mining unit.
David Beling, President & CEO stated, "We are pleased to complete this important lease with Matt Leipzig, Manager of Lunar Landing LLC and look forward to building mutually beneficial relationship with all stakeholders in the Beatty area."
The Company staked 62 mining claims on lands known to have exploration potential and that could serve as primary and alternate sites for heap leach pads and other project facilities. The Company now controls 161 mining claims, 44 patents and 8 mill sites that cover approximately 3,800 acres.
About Bullfrog Gold Corp.
Bullfrog Gold Corp. is a Delaware corporation that controls the Bullfrog Gold Project through two wholly-owned subsidiaries. Barrick produced 2.3 million ounces of gold, mainly on Project lands from 1989 into early 1999. The Company's lands have significant exploration potential plus 525,000 ounces of heap leachable resources averaging 1.02 g/t, as recently estimated using NI 43-101 standards by an independent engineering firm. Further information, including maps of the Company's expanded land position are shown on the corporate presentation posted our website www.bullfroggold.com.
Cautionary Note Regarding Forward Looking Statements
This press release may contain certain "Forward-Looking Statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein including those with respect to the objectives, plans and strategies of the Company and those preceded by or that include the words "believes," "expects," "given," "targets," "intends," "anticipates," "plans," "projects," "forecasts" or similar expressions, are forward-looking statements that involve various risks and uncertainties. We use certain terms in this valuation such as "mineralization" and "mineral inventory estimates" that are not defined in Canadian National Instrument 43-101; or recognized under the U.S. SEC Industry Guide 7. The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures and may not result in the discovery of sufficient mineral deposits that can be mined profitably. Furthermore, the Company currently has no resources or reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Additional information regarding important factors that could cause actual results to differ materially from the Company's expectations is disclosed in the Company's documents filed from time to time with the United States Securities & Exchange Commission.