Golden Lake Announces Signing Of New Lease On Jewel Ridge, Nevada

Core Viewpoint - Golden Lake Exploration Inc. has entered into a new mining lease agreement with GM Squared, LLC for the Jewel Ridge project in Nevada, which includes both unpatented and patented mining claims, replacing a previous lease from 2004 [1][2]. Lease Agreement Details - The Lease Agreement has a duration of 7 years, requiring annual payments of US$25,000 and a minimum expenditure of US$1 million on mining and exploration activities in the first 3 years [2]. - The Company has the option to purchase the property for US$3 million, deducting the total lease payments made during the agreement [3]. - Upon production commencement, the Company will pay a royalty of 4.0% on net smelter returns, with options to buy down the royalty at specified costs for each percentage point [4]. Termination Conditions - The Company can terminate the Lease Agreement with 30 days written notice, while the Lessor can terminate if the Company defaults on obligations, including payment failures [5]. Additional Claims and Royalties - The Jewel Ridge project includes 19 patented claims (Rainbow Claims) acquired from Greencastle Resources Ltd., subject to a 3.0% royalty, which can be reduced to 1.0% for C$2 million [6]. - In April 2022, the Company added the Lord Byron patented claims, which do not carry any royalties or obligations [7]. - In September 2023, the Company staked an additional 46 unpatented lode claims totaling 924 acres, fully owned without royalty obligations [8]. Company Overview - Golden Lake Exploration Inc. is a junior public mining exploration company focused on mineral exploration and acquisition of mineral property assets [9].