MILL BAY ventures inc., Nevada Properties: Goldstrike hosts two
deposits - the Meikle underground mine (5.3 million ounces) and the Betze-Post open pit mine (23
million ounces). (Figures are combined reserves & resources, as at December 1999), For those
not familiar with high-grade vein deposits on the Carlin Trend, an overview of the Ken Snyder Mine
is useful for comparison purposes. At Ken Snyder, geological modeling and persistent drilling led
to the discovery of the deposit. The Ken Snyder mine is a 650-ton per day underground operation,
opened in 1999 at a capital cost of less than US$100 million. Annual production is about 250,000
equivalent ounces of gold at a cash cost of around US$100 per ounce.
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| News Release |
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Mill Bay Ventures Inc.
Mill Bay Ventures Inc. (the “Company”) announces that it has entered into an option agreement to acquire 119 mining claims located in Lander County, Nevada, known as the AC Gold Property, covering up to about 2 square miles, more or less, in consideration of paying US$1,500,000 in instalments to the optionor and incurring US$1,500,000 in exploration work on the property over the next 15 years as follows:
| Due Date |
Advance Minimum Royalty Payments |
Expenditure Commitments on the Property |
| Upon signing |
$ 5,000 |
Nil |
| First Anniversary of Approval Date |
$ 15,000 |
$ 10,000 |
| Second Anniversary of Approval Date |
$ 25,000 |
$ 25,000 |
| Third Anniversary of Approval Date |
$ 40,000 |
$ 50,000 |
| Fourth Anniversary of Approval Date |
$ 50,000 |
$100,000 |
| Fifth Anniversary of Approval Date |
$ 60,000 |
$100,000 |
| Sixth Anniversary of Approval Date |
$ 60,000 |
$250,000 |
| Seventh Anniversary of Approval Date |
$ 70,000 |
$250,000 |
| Eighth Anniversary of Approval Date |
$ 70,000 |
$240,000 |
| Ninth Anniversary of Approval Date |
$ 80,000 |
$ 50,000 |
| Tenth Anniversary of Approval Date |
$ 90,000 |
$ 50,000 |
| Eleventh Anniversary of Approval Date |
$100,000 |
$ 50,000 |
| Twelfth Anniversary of Approval Date |
$100,000 |
$ 50,000 |
| Thirteenth Anniversary of Approval Date |
$100,000 |
$ 50,000 |
| Fourteenth Anniversary of Approval Date |
$100,000 |
$ 50,000 |
| Fifteenth Anniversary of Approval Date |
$535,000 |
$175,000 |
| Total |
$1,500,000 |
$1,500,000 |
The Company has also granted to the optionor a 3% net smelter returns royalty, of which the Company has the option to buy-down one-third (i.e. 1%) at any time for the payment of US$1,000,000.
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