GoldSpring leases Winnemucca copper property
October 2, 2006
GoldSpring Inc., a mining company based at Gold Hill, said last week it signed a 10-year lease of its Big Mike copper project near Winnemucca.
It didn’t identify the company that leased the property, but said it’s a local firm controlled by a former GoldSpring director. The mine isn’t currently in production.
Gold Spring will get a $50,000 payment upfront, $75,000 when a production permit is issued and $125,000 when mining starts.
Additionally, GoldSpring will get production royalties of 3 to 5 percent, depending on the price of copper.