LANDHOLDING AND OWNERSHIP TERMS
In total AGM controls a total of 2,342 acres of patented and unpatented mining claims.
The property package consists of 73.95 acres of private property, 333.38 acres of patented mining claims and 112 unpatented mining claims covering 1,718.74 acres. In addition the property holdings include one leased group of 12 unpatented mining claims covering 216.34 acres.
In exchange for 100% interest in the Gold Ridge Property, AGM is to provide the following:
- A cash payment of US$175,000 (completed).
- 27,250,000 common shares of AGM at a deemed value of CDN$0.15 per share distributed pro-rata to shareholders of Goldridge (completed).
The entire property is subject to a 2% NSR to the previous owner, Fronteer Development (USA) Inc.
For 12 unpatented claims on the Property, there is a total 4% NSR, with 3% of this to be paid to the claim owners and 1% to Fronteer Development.