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March 7, 2013 /PRNewswire/ -
Americas Bullion Royalty Corp. (
TSX: AMB) (the "Company") is pleased to announce that it has created a new royalty interest by entering into an Option Agreement to sell the Company's 50% joint venture interest in the Angel's Camp Property in southern
Oregon to Orsa Ventures Corp. (Orsa). As consideration, Orsa will issue one million common shares to the Company upon closing and
$390,000 in cash over several years. Americas Bullion Royalty Corp. will retain a 1.25% Net Smelter Return Royalty on the project.
About Angel's Camp The Angel's Camp Project is comprised of 158 unpatented lode mining claims which encompass approximately 3,000 acres adjacent to Orsa's Quartz Mountain Property which is held by separate agreement with Seabridge Gold Inc. The Quartz Mountain Property is an epithermal hot spring system with a 2.85 million ounce Inferred gold resource of 110,448,000 tonnes grading 0.80 grams per tonne gold (see Orsa news releases dated
October 24, 2011 and
February 15, 2012). Mineralization is hosted in two rhyolite domes known as Quartz Butte and Crone Hill. Lying adjacent to the defined resource of the Quartz Mountain Property, the Angel's Camp Project contains several other rhyolite domes which are known to host epithermal gold mineralization as identified by surface sampling as well as a number of drill holes (news releases of
May 29 and
Sept 11, 2009). Orsa has advised that it will launch an aggressive exploration program on these additional domes in addition to its continuing development work at Quartz Mountain.
Prior to this agreement, Orsa was the non-managing partner of the 50% joint venture interest in Angel's Camp through an Option Agreement with Seabridge Gold Inc.