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To maintain their respective percentage interest, each Party would then, upon provision of a reasonable amount of notice, contribute on a pro rata basis to further exploration and any potential development or mining on the Property and/or the properties within the Area of Interest. If Centerra's option vests, then Viscount and Centerra will enter into a joint venture agreement:Ĭenterra would hold an initial interest of 70% in the Joint Venture, including the Property and any properties in the Area of Interest, and Viscount would hold an initial interest of 30% in the Joint Venture, including the Property and any properties in the Area of Interest. Under terms of the Agreement Centerra has the right to acquire a 70% interest in the Property through (a) making annual payments totaling $250,000 USD over a 4 year period, and (b) spending $8,000,000 USD on mineral exploration costs on the Property over 4 years. We are excited to have Centerra bring their exploration and financial strength and join us in exploring the Cherry Creek project." Mark Abrams, Director and VP of Exploration of Viscount, stated: "Cherry Creek is one of the few remaining under-explored mining districts with geological attributes to the formation of both those in production at nearby Kinross's Bald Mountain Mine, and Newmont's Long Canyon Mine. Jim MacKenzie, CEO of Viscount commented: "We are very pleased to have entered into an agreement with a company of Centerra's stature and experience, and look forward to a long and mutually beneficial relationship." The Property contains more than 20 past producing mines where high grade gold and silver production came from up to the 1920's. The Cherry Creek Project (the "Property") is located in north-eastern Nevada ~50 miles north of Ely, consisting of 320 unpatented and patented claims covering more than 2,658 hectares. Initially, Viscount will be the project manager. The Agreement covers the Company's Cherry Creek property located in White Pine County, Nevada. Centerra is a Canadian-based gold mining company focused on operating, developing, exploring and acquiring gold properties in North America, Asia and other markets worldwide and is one of the largest Western-based gold producers in Central Asia. (TSXV: VML) (OTCQB: VLMGF) ("Viscount" or "the Company"), a mineral resource exploration company with a portfolio of past producing gold and silver mines and exploration properties in the Western United States, is pleased to announce it has entered into an exploration earn - in agreement (the "Agreement") with a wholly owned subsidiary of Centerra Gold Inc. January 6, 2021) - Viscount Mining Corp. Vancouver, British Columbia-(Newsfile Corp.