Option Agreement Signed On The Turquoise Canyon Property

VANCOUVER, BC  - First Mining Gold Corp. reported the signing of a four-year option agreement with Momentum Minerals Ltd. granting Momentum the right to earn a 100% interest in First Mining’s Turquoise Canyon property located in Nevada.

Dan Wilton, CEO of First Mining said, “Optioning this non-core property allows First Mining to continue to focus its core business on its Canadian assets, while eliminating our holding costs relating to this property, realizing value and retaining exposure to this prospective Nevada gold asset.”

Turquoise Canyon consists of 188 unpatented claims totaling 1,562 hectares located along the Battle Mountain-Eureka Trend in Nevada. 

The annual consideration payments of cash or Momentum common shares will be at Momentum’s election. Beginning in 2020, Momentum will also be responsible for paying all annual concession tax payments with respect to the Property to the Nevada State land management authorities.

Momentum will be required to incur exploration expenditures on the Property totaling $750,000 over the four-year option period, incurring at least $50,000 in year one and $100,000 in year two. Upon completion of all payment and expenditure obligations, Momentum will obtain 100% ownership of Turquoise Canyon and First Mining will retain a 2% net smelter returns (“NSR”) royalty. Momentum will have the right to buy back 1% of the NSR royalty for $1,000,000 up until the first anniversary of the commencement of commercial production at the Property.

The company’s contact is: (604) 639-8824, [email protected], www.firstmininggold.com.