Canadian American Mining Company, LLC - Tess Project Carlin Trend Nevada
Reno, Nevada--(Newsfile Corp. - July 18, 2019) - Canadian American Mining Company, LLC wishes to reaffirm that it holds a long-standing royalty interest on the Tess mining properties. The "Production Royalty" of one percent (1.0 %) of the Net Smelter Returns on production from the property in excess of one million ounces was created through an agreement with Newmont Mining Corp. on August 21, 1996.
The Tess unpatented lode mining claims cover 2,180 acres and are contiguous to Newmont's Rain Mine, and are located approximately seven miles southeast of Carlin, Nevada. A further and more specific property description delineates 109 unpatented claims (Tess #1 - 109) located in Township 31 North, Range 53 East, Section 6 and Township 32 North, Range 53 East, Sections 28, 30 and 32, M.D.B.M., Elko County, Nevada.
Thomas J Menning Canadian American's Manager recently remarked: "We've recently become aware that Newmont has ramped up activity in the area of the Tess claims, with at least one rig drilling at present. The Rain Mine has produced as an underground contract mining operation for years, and it appears that a considerable portion of earlier production would have been attributed to the Tess claims, hence we are looking forward to the probability that the threshold for commencement of Royalty payments will be reached in the not too distant future."
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About Canadian American Mining Company, LLC
Canadian American Mining Company, LLC is a privately held company based in Reno, and holds a number of mining and royalty properties in Nevada and Idaho. The company continues to evaluate new investment opportunities while further exploring and delineating resources on its' current holdings.
FOR FURTHER INFORMATION
Canadian American Mining Company, LLC
Thomas J Menning
T. (775) 287-1664
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/46339