Exploration company GRG International sold the land package to Hudbay for an upfront cash payment of $3.5-million and additional obligations, including two milestone payments.Hudbay has agreed to purchase 0.5% of GRG net smelter royalty (NSR) for $500 000 and has the option to purchase an additional NSR of 1.0% which results in GRG retaining in perpetuity an NSR of 1.0%.
The agreement includes an exclusive GRG licence agreement to commercially develop industrial materials on private property.
GRG points out that the past producing mining claims package includes four historic high-grade underground copper mines previously mined by William Boyce Thompson, founder of Newmont Corporation.