Gold Standard Ventures Corp. (TSX-V: GV; OTCQX: GDVXF) reported today that it has entered into additional leases (the “Leases”) with various land holders encompassing approximately 2,781 net mineral acres of land adjacent to the Company’s Railroad gold project in Elko County, Nevada. GSV now controls approximately 18,130 net mineral acres associated with its Railroad Project.
All of the Leases are substantially the same and provide for a primary term of 10 years, but will continue thereafter as long as commercial mining operations are being conducted on the lands. Each Lease is subject to a small upfront signing bonus and annual advance minimum royalty (“AMR”) payments of US$17.50 per acre in the first and second years, increasing to US$28.00 per acre in the seventh year and thereafter, of which approximately US$111,239.73 has been paid to date. The Leases are also subject to a production royalty of 5% of net smelter returns (payable in proportion to the interest held), against which the AMR payments shall be credited and recouped up to 80%.