Eclipse Gold Mining Corporation (“Eclipse” or the “Company“) (TSXV: EGLD) (USOTC: EGLPF) is pleased to announce that it, together with the Company’s wholly-owned subsidiary, Hercules Gold USA LLC (“Hercules“), has entered into a binding purchase and sale agreement (the “Purchase Agreement“) with CP Holdings Corporation, a wholly owned subsidiary of Headwater Gold Inc. (the “Sellers“) to acquire a 100% interest in 83 unpatented lode mining claims situated internal and adjacent to Eclipse’s Hercules Project (the “Mining Claims“) as well as a historical dataset of 88 drillholes, 628 rock samples, 1578 soil samples and other geological data (the “Dataset“).
Subject to TSX Venture approval, Eclipse will acquire an undivided 100% interest in the Mining Claims and Dataset by:
- Making a one-time payment of US$100,000
- Issuing 500,000 common shares of the Company to the Sellers
- Granting a net smelter royalty to the Seller that varies between 1.25% and 2.5% on the Mining Claims (the “NSR”)
Eclipse has reserved the right to buy 50% of the NSR, and a right of first refusal on the remainder.
About Eclipse Gold Mining
Eclipse Gold Mining is exploring the district-scale Hercules gold property within Nevada’s Walker Lane trend. The Hercules property is located only a one-hour drive from Reno and appears to have all the characteristics of a large, low-sulphidation epithermal gold system. The Company brings together a team with a track record of nine successful buyouts/exits totaling $4.6 billion.