Wednesday July 22, 3:13 pm Eastern Time
Company Press Release
SOURCE: Bullion Monarch Company
President of Bullion Monarch Company Announces Increase in
Royalty Value
PROVO, Utah, July 22 /PRNewswire/ -- R. Don Morris, President of Bullion Monarch Company (OTC Bulletin Board: BMRK - news) announced today that the recent releases by Barrick Gold Corp. [NYSE:ABX - news], and Newmont Gold Co. [NYSE:NGC - news], regarding the increased reserves on the Carlin Trend will ultimately result in an increased royalty stream for Bullion Monarch Company.
Newmont is now attributing 4 million ounces of gold in the proven category on this property. Bullion Monarch holds a 1% NSR which amounts to approximately $12 million in royalties for them at this time. Bullion has also been informed that Pincock Allen & Holt, a professional engineering firm, has been commissioned to independently
evaluate the data released by Barrick and Newmont.
In addition, Mr. Morris reported that Bullion Monarch has entered into a lease agreement with CAMECO (U.S.) Inc., on the South Bullion property. Bullion Monarch will receive a cash payment of $100,000 upon signing and a minimum of $100,000 will be spent on exploration during the first year. Bullion Monarch will receive advance minimum royalty payments of $150,000 the second year and $200,000 will be spent on exploration. Each anniversary thereafter Bullion Monarch will receive $200,000 with $300,000 spent on exploration during that calendar year.
The South Bullion property was acquired from Newmont Exploration in a property exchange. Over 90 holes have been drilled which established a shallow gold resource of over 500,000 ounces of gold. CAMECO will drill deep in search of richer feeder zones beneath the lower grade halo of gold. Bullion Monarch will retain a small NSR or the
annual payment, whichever is greater.
SOURCE: Bullion Monarch Company
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