Altan Nevada Enters Into Mining Lease and Option to Purchase Agreement for
Radar Project Claims
VANCOUVER, Feb. 5, 2013 /CNW/ - Altan Nevada Minerals Limited, TSX.V: ANE
("Altan Nevada" or the "Company") announces that it has entered into a twenty
year Mining Lease and Option to Purchase Agreement (the "Agreement") with
Avidian Gold US Inc. ("Avidian"), a private Nevada corporation actively
engaged in the exploration of intrusive-related gold-copper deposits in
Nevada, on 25 out of 204 unpatented lode mining claims covering approximately
11.3% of Altan Nevada's Radar gold-silver project (the "Radar Claims") located
in Nye and Minerals Counties, Nevada.
Under the terms of the Agreement, dated January 1(st), 2013 (the "Effective
Date"), Altan Nevada will receive the following payments:
On the Effective Date $10,000
First anniversary of the Effective Date $15,000
Second anniversary of the Effective Date $20,000
Third anniversary of the Effective Date $25,000
Fourth and each subsequent anniversary of the Effective $30,000
The following work commitments must be met within the one year period
following the Effective Date and each anniversary of the Effective Date
$50,000 annually during each of the second through fifth Lease Years; $100,000
annually during each of the sixth through tenth Lease Years; and $200,000
annually during each of the remaining Lease Years
At any time during the term of the Agreement, the Radar Claims can be
purchased, at the election of Avidian, for a one time payment of $500,000. The
Company then becomes entitled to receive a royalty equal to 3% of the Net
Smelter Returns ("NSR") from the production of minerals on the Radar Claims,
which can be reduced to a 1.5% NSR royalty by way of a one-time payment by
Avidian of $1,500,000.
About Altan Nevada
Altan Nevada is an exploration company focused on the discovery of large-scale
ore systems in under-explored districts of Nevada, USA. The company is
currently exploring holdings in Nevada totaling more than 14,670 hectares.
Projects include potential district-scale extensions to the north Carlin Gold
Trend, three Yerington District copper-gold targets and three large-scale
epithermal volcanic-hosted precious metal systems. To date, over US$5M has
been spent acquiring and exploring highly prospective projects and identifying
On behalf of Altan Nevada Minerals Limited,
President & CEO
This press release may contain forward looking statements including those
describing Altan Nevada's future plans and the expectations of management that
a stated result or condition will occur. Any statement addressing future
events or conditions necessarily involves inherent risk and uncertainty.
Actual results can differ materially from those anticipated by management at
the time of writing due to many factors, the majority of which are beyond the
control of Altan Nevada and its management.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release.
Kelly Earle Corporate Communications Manager Altan Nevada Minerals Limited
Tel: +1 604 495 8374 Email:firstname.lastname@example.org Web:www.altnev.com
SOURCE: Altan Nevada Minerals Limited
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CO: Altan Nevada Minerals Limited
ST: British Columbia
NI: MNG ORDER
-0- Feb/05/2013 14:00 GMT
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