Miranda Gold Corp. has established a reputation as a high-quality project generator attracting a number of mining companies to help advance the exploration on our properties. By successfully leveraging our technical expertise into joint venture partnerships we lower the risk of early stage exploration and preserve shareholder value.
Joint venture partners are responsible for funding all exploration on those projects under agreement in exchange for the opportunity to earn a majority interest in the property.
Below is a list of our current partners:
Gold Torrent Inc. ("Gold Torrent") is a US listed company with a highly experienced management and technical team. Led by Daniel Kunz, Chairman and CEO, the company was formed to seek out and acquire high-grade mineral projects that could be fast-tracked into production. Dan has over 35 years of experience in engineering, mine operations, management, accounting, and finance including 17 years with Morrison Knudsen Mining as well as having served as the COO of Ivanhoe Mines Ltd. Gold Torrent and Miranda have entered into a partnership agreement in November, 2014, whereby Gold Torrent can earn a 70% interest in the Willow Creek project by funding the initial US$10 million in capital. Funding is staged with the total due by May 2018. Upon Gold Torrent earning a 70% interest, Miranda has the option to fund 30% of any additional Capex spending or dilute.
On August 28, 2015, Miranda Gold Corp. and Montezuma Mines Inc. ("Montezuma") executed a Project Management Agreement for the formation and organization of a limited liability company (the "LLC") to hold the lease and related rights in respect of the Red Canyon, Nevada property and to conduct the operations contemplated under the Project Management Agreement. Having met the expenditure requirements of US$4 million under a now superseded exploration agreement; Montezuma owns 60% of the LLC and Miranda owns 40% of the LLC. Montezuma has paid Miranda US$360,000 as consideration for the option to buy-out Miranda's 40% interest in the LLC, with Miranda retaining a 0.5% net smelter return ("NSR") royalty, upon meeting the purchase conditions completing a feasibility study, during the term of the underlying lease. Until then, Montezuma will fund 100% of the costs of the LLC to maintain and advance the exploration of the Red Canyon property. If Montezuma fails to fund and meet its obligations pursuant to the Exploration Agreement and underlying lease, it will forfeit its interest in the LLC to Miranda.