FOR RELEASE 1 AM PST, NOVEMBER 21, 2022:
Independence Gold-Silver Mines, Inc Announces Resolution of a Lawsuit.
Independence Gold-Silver Mines Inc. and its affiliates (hereinafter "Independence:) have entered into an agreement settling its lawsuit with Golden Independence Mining Corp. and its affiliates. (hereinafter "Golden").
Under the terms of the settlement, Golden will issue to Independence, 238,000 common shares of Golden Stock and pay Independence $60,000 in fees and costs, and Independence will today cause to be dismissed its lawsuit in Washoe County District Court, entitled INDEPENDENCE GOLD-SILVER MINES, INC., and BRIAN NORDWALL, Plaintiffs, GOLDEN INDEPENDENCE MINING and CHRISTOS DOULIS, DEFENDANTS. Case No. CV21-00695.
" I am pleased that our two companies have resolved this dispute" said Brian Nordwall, CEO of
Independence Gold-Silver Mines, Inc. "Both Companies, together with our affiliates, are now better able to devote all of our efforts to completing the permitting process and to expanding the size and scope of the resource."
Independence purchased the mine, then known as the Wilson Independence, in 1963. In 2017, Independence leased the mine to America's Gold Exploration (AGEI) which through a drilling program financed in significant part by Golden, proved the initial open pit size resource. The Lease with AGEI included an option to purchase, which option was exercised in January 2021 by a Joint Venture formed between AGEI and Golden. Independence retains a 2 % net smelter return and substantial holdings in Golden.
The property is located adjacent to Nevada Gold Mine’s Phoenix-Fortitude mine in the Battle Mountain-Cortez Trend in Northern Nevada. The mine hosts a resource of 334,300 ounces of gold and an Inferred resource of 847,000 ounces of gold with a substantial silver credit. A January 2022 Preliminary Economic Assessment (PEA) by Kappes, Cassiday and Associates outlined a low-cost heap leach operation focusing on the near- surface resource with total production of 195,443 ounces of gold at an all-in sustaining cost of US$1,078 per ounce of gold. Currently, applications have been submitted to all Agencies involved in permitting an open pit mine in Nevada.
“We are delighted to have reached an amicable settlement to any and all litigation previously brought
forth against the Company.” commented Jeremy Poirier, CEO of GoldenIndependence project located adjacent to Nevada Gold Mine’s Phoenix-Fortitude mine in the BattleMountain-Cortez Trend of Nevada.
FOR FURTHER INFORMATION PLEASE CONTACT:
Brian Nordwall, CEO 206-396-0446
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