RENO, NV / ACCESSWIRE / November 6, 2019 / Lode-Star Mining Inc. (OTCQB:LSMG) ("LSMG" or the "Company") announces today that the Company has amended its Mineral Option Agreement with Lode Star Gold, INC. ("LSG"), effective October 31, 2019.
Among other things, the amendment increases the purchase price for the additional 60% interest in the Goldfield Bonanza Project currently held by LSG (as to 80%) and the Company (as to 20%) from $5 million to $10 million, while separating it into two tranches consisting of a 30% interest each. The amendment also acknowledges the Company's indebtedness to LSG for advances and other payments it has accrued since the October 4, 2014 date of the Mineral Option Agreement. For a full description of the terms of the amendment, please refer to LSMG's current report on Form 8-K, filed on the SEC's EDGAR system on November 5, 2019.
"This is a balanced reset to our Mineral Option Agreement with LSG," said Mark Walmesley, the Company's President and CEO. "LSG has been funding and carrying the work load as the Goldfield Bonanza Mine Project has been in development since 2014. Both companies agree that while the funding markets remain soft, the most prudent plan is to get the project permitted and "shovel ready." We have done that with the funding provided by LSG. The Amendment needed to be completed to equitably pursue mine development along with resource definition and expansion work."
About Lode-Star Mining Inc.
Lode-Star Mining Inc., traded on the OTC Markets' OTCQB marketplace under the symbol LSMG, is a U.S.-based junior-tier mining company focused on the exploration, development, and production of North American mineral assets.
LSMG is the operator of the Goldfield Bonanza property, acquired under an option for development on December 11, 2014 from Lode Star Gold, Inc., a private Nevada corporation. Please visit LSMG's website at http://www.lode-starmining.com as well as its OTC Markets profile page.
Forward Looking Statements
This news release may contain forward-looking statements that involve known and unknown risks, uncertainties and other factors which may cause LSMG's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements. Forward-looking statements reflect LSMG's current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, investors should not place undue reliance on these forward-looking statements. Except as required by law, LSMG assumes no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future.
SOURCE: Lode-Star Mining Inc.