November 20, 2019.
Lease – Option Agreement on Alamo Property Signed
Frisco Gold Corporation is pleased to announce the signing of a lease option agreement with mining executives Joseph Carrabba and Murray Nye (Carrabba-Nye) ) for exploration and development of the Alamo Gold property, Mohave County, Arizona. Carrabba-Nye can earn a sixty percent (60%) interest in the Alamo property by making lease payments to Frisco and incurring exploration expenses over the next 36 months. The property payments total $270,000 and the work commitment total $850,000. Upon completion of the property payments and the exploration expenditures, Carrabba-Nye will have earned a 60% interest in the Alamo property. Further expenditures would be pro-rated on a 60:40 basis with standard industry provisions for dilution should either party fail to provide funding.
Mr Carrabba is a seasoned mining executive, who has held senior positions in the industry including as a director of Newmont Goldcorp Corp and as former President and Chief Operating Officer of the largest independent iron ore producer in the U.S., Cliffs Natural Resources Inc.
Mr Nye has extensive experience in international corporate finance and currently serves as the Chief Executive Officer of Winston Gold Corp (CSE: WGC). Prior to Winston, Mr Nye was the former CEO of RX Exploration Inc. (“RX”) where he brought the historic Drumlummon Gold/Silver mine back into production. During Mr Nye’s tenure, the market valuation of RX increased from a base of circa $1.5m to circa $80m
The exploration stage Alamo Project is located in Mohave County, Arizona, USA and represents a package of mining claims covering an area of approximately 340 acres, focused on the core area of identified gold mineralization. The Project was originally identified as prospective for gold following the discovery of native gold nuggets near surface in numerous locations within the Project boundaries.
About Frisco Gold Corporation
Frisco Gold Corporation is focused on the acquisition and development of low-cost gold properties in Mohave County in NW Arizona requiring low capital outlays. Company principals are professionals with experience in exploration, development, engineering, environmental compliance and mine operations.
The State of Arizona, and Mohave County in particular, was chosen as the focus of the Frisco Gold endeavors due to the rich mineral history and the pro-business climate of the government and the populace.
Frisco Gold Corporation
Bullhead City, Arizona