 Copperstone Air Photo showing Target Zones & Development
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| | March 07, 2002
American Bonanza Signs Letter Agreement for US$1.7M Royalty Financing
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| | RENO, Nevada -- March 7, 2002 - American Bonanza Gold Mining Corp. (the "Company") is pleased to announce that it has entered into a letter agreement with Royal Gold, Inc. for the sale of a royalty on the 100% owned Copperstone project for US$1,700,000. The royalty consists of a 3% net smelter royalty on the Copperstone project covering approximately 9 square miles and a 45% net profits royalty interest on proceeds from a bulk sample program proposed for this year. Royal Gold has also agreed to the preferential payback of the US$1,100,000 loan from Trilon Financial Corporation.
This transaction is scheduled to close on or before March 29, 2002 and is subject to regulatory approval, Royal Gold's satisfaction with the results of its legal, technical and commercial diligence, formal documentation, and its board approval.
About American Bonanza
American Bonanza is engaged in the acquisition, exploration and development of high-grade precious metal properties. American Bonanza's innovative metallogenic techniques developed at considerable expense represent state-of-the-art tools for modern exploration in the Great Basin of Nevada and other areas. American Bonanza's metallogenic techniques have involved technical pioneering in terms of geological data analysis, hardware and software applications and will be the catalyst for future corporate growth.
Additional information about American Bonanza can be obtained at www.americanbonanza.com
AMERICAN BONANZA GOLD MINING CORP.
(signed) Brian Kirwin
President and Chief Executive Officer
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For further information call or write:
Brian Kirwin, President and Chief Executive Officer (775) 824-0707
Giulio T. Bonifacio, Vice President, Finance and Chief Financial Officer (604) 699-0023 |
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| | You can view the Next News Releases item: Mon Apr 1, 2002, Negotiations with Royal Gold Terminated
You can view the Previous News Releases item: Mon Mar 4, 2002, Acquisition of 100% of Copperstone Project Complete
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