Happy Creek Minerals Ltd. (TSXV:HPY) received the first anniversary option payment from Newmont Mining Corporation for the Eye property.
As quoted in the press release:
As announced in a news release dated July 20 2011, Newmont can earn a 100% interest in the Eye claim (1.2 square kilometres) by paying the company a total of $368,000 in cash ($13,000 received) and performing $280,000 of exploration in six annual stages. If Newmont elects to purchase the Eye property, it will grant to the company a net smelter royalty of 0.5 per cent, with payments up to a collective maximum of $1.5-million. In addition, Newmont will cover the underlying royalty obligations to the previous owner.
Happy Creek President and Chief Executive Officer David Blann said:
“The recent success at Woodjam has attracted Gold Fields, Newmont and Capstone Mining. On the Silverboss property, our work has already outlined new, large scale copper-molybdenum-gold targets that are the main focus of exploration in this area. During 2012, we look forward to advancing these targets to the drilling stage and continuing our reconnaissance of this large property.”