VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 9, 2016) - Lincoln Mining Corporation, (TSX VENTURE:LMG) ("Lincoln" or the "Company") announces that, further to the Company's news release on June 7, 2016, Lincoln has entered into a binding Letter of Intent with Goldcliff Resource Corporation ("Goldcliff") whereby Goldcliff will earn a 40% joint venture interest in Lincoln's Pine Grove Nevada project by spending $1,400,000 (US) over three years, and contributing the Wilson patented claims to the Pine Grove project holdings of Lincoln (see news release dated June 7, 2016).
The Pine Grove project consists of the Wilson patented claims, the Wheeler patented claims, and 243 unpatented claims, including 10 placer claims and one mill site claim. The property comprises approximately 1,813 hectares (18.13 sq. kms). Measured Resources of 2,137,000 tonnes grading 1.42 g/t and Indicated Resources of 923,000 tonnes grading 1.25 g/t for a total of 3,060,000 tonnes grading 1.37 g/t occur in two deposits, on both the Wilson claims and the Wheeler claims. Lincoln also controls 723.97 acre-feet of certificated groundwater rights on the property dedicated to mining and milling. An Amended and Restated NI 43-101 Preliminary Economic Assessment for the Pine Grove Project, Lyon County, Nevada has been issued with a Report Date of February 4, 2015.
Mr. Jeffrey Wilson, the Company's Vice President Exploration and a "qualified person" under National Instrument 43-101, reviewed and approved the scientific and technical information contained in this news release.
Lincoln will serve as operator of the project, subject to the direction of a Management Committee comprising one member each nominated by Lincoln and by Goldcliff and one independent member. All Management Committee recommended expenditures are subject to Goldcliff approval.
Included in Goldcliff's $1,400,000 earn-in threshold are annual advance royalty payments of $25,000 (US) on the Wilson patented claims to be paid to Lyon Grove LLC of Reno, NV and $30,000 (US) on the Wheeler patented claims to be paid to the Wheeler Mining Company. There are no additional duration, milestone, lump sum payments or work commitments as part of underlying land agreements.
Goldcliff and Lincoln plan immediate resumption of permitting activities. Stantec Consulting Services Inc. of Reno, Nevada, is providing guidance for permitting with the various Nevada agencies and the U.S. Forest Service. In addition, the joint venture companies intend to drill test certain resource expansion targets this Fall. Drilling will focus along the north-northeast edge of the Wilson patented claims where mineralization remains open. Geologic mapping of the Wilson and Wheeler deposits will also be updated.
Lincoln Mining Corp. is a Canadian precious metals exploration and development company with projects in various stages of exploration and development that include the Pine Grove gold property in Nevada and the Oro Cruz gold property in California. In the United States, the Company operates under Lincoln Gold US Corp. and Lincoln Resource Group Corp., both Nevada corporations.
For further information, please visit the Company's website at www.lincolnmining.com.
On behalf of Lincoln Mining Corporation
Paul Saxton, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
THIS PRESS RELEASE INCLUDES FORWARD-LOOKING STATEMENTS OR INFORMATION. ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACT INCLUDED IN THIS RELEASE, INCLUDING WITHOUT LIMITATION, STATEMENTS REGARDING THE STATUS OF THE PROPERTIES ARE FORWARD-LOOKING STATEMENTS THAT INVOLVE VARIOUS RISKS AND UNCERTAINTIES. THERE CAN BE NO ASSURANCE THAT SUCH STATEMENTS WILL PROVE TO BE ACCURATE AND ACTUAL RESULTS AND FUTURE EVENTS COULD DIFFER MATERIALLY FROM THOSE ANTICIPATED IN SUCH STATEMENTS. IMPORTANT FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THE COMPANY'S PLANS OR EXPECTATIONS INCLUDE AVAILABILITY OF CAPITAL AND FINANCING TO MAINTAIN THE COMPANY'S PROJECTS; GENERAL ECONOMIC, MARKET OR BUSINESS CONDITIONS; FLUCTUATING METAL PRICES; REGULATORY CHANGES; TIMELINESS OF GOVERNMENT OR REGULATORY APPROVALS AND OTHER RISKS DETAILED HEREIN AND FROM TIME TO TIME IN THE FILINGS MADE BY THE COMPANY. THE COMPANY MAKES ALL REASONABLE EFFORTS TO UPDATE ITS CORPORATE MATERIAL, DOCUMENTATION AND FORWARD-LOOKING INFORMATION ON A TIMELY BASIS.