Nubian Resources has signed a definitive agreement with Paradigm Minerals USA, a subsidiary of Global Geoscience, to buy 70% interest option in the Excelsior Springs gold property in Esmeralda County, Nevada. At present, Nubian holds 100% lease on the Excelsior Springs property.
In order to get a 70% interest, Paradigm will have to disburse $100,000 USD cash to Nubian and expend $3 Million USD on exploration for more than four years. During the option stage, Paradigm will exclusively support and deal with all exploration and property associated costs.
The least exploration expenses needed is $150,000 USD in the first year and if receives pleasing assay results, then the company has to spend $350,000 USD by July 31, 2012 and further $500,000 USD by December 31, 2013 and $2 Million USD by December 31, 2014 to get a 70% interest in the property. When the companies sign the agreement, Nubian has to get $50,000 USD and a further $50,000 USD when Paradigm uses the option interest in the property.
The Excelsior Springs gold prospect is situated in westcentral Esmeralda County, Nevada around 50 miles WSW of the Goldfield district with a past production of +10 million ounces gold.