Confused here's a PR from yahoo and part of the 8k. I thought according to this PR on August 3,2015 they had the 50k needed for the yearly fee on the Silver Cloud Property?
LAS VEGAS, NV / ACCESSWIRE / August 3, 2015 / Rimrock Gold Corp. (the "Company") (RMRK), is pleased to announce that it has closed $50,000 under the TJC Trading, LLC ("TJC") convertible note. Proceeds from the note have successfully been applied to the $50,000 yearly fee to the underlying claim holder of the Silver Cloud property under the terms of the lease agreement.
"We are very pleased to have secured these necessary funds in a very difficult environment for mining companies. Once the Company has closed on the balance of the convertible note and successfully paid the Bureau of Land Management ("BLM") fees due August 31, we will focus on key strategic initiatives to advance the Company's properties," stated Jordan Starkman, President of Rimrock Gold.
The Silver Cloud Property consists of 552 Mining Claims totaling 11,210 acres situated 55 Km northeast of the mining center of Battle Mountain, and 80 Km west-northwest of Elko city, a regional mining hub. The Silver Cloud Property lies immediately to the 3.8 km southwest of Waterton Global's epithermal bonanza gold-silver Hollister Mine, and also lies 16 Km southeast of Klondex's Midas Mine, which is currently producing gold and silver from high-grade volcanic epithermal veins.
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On May 3, 2013, Rimrock Gold Corp. (the “Company”) entered into a purchase agreement (the “Purchase Agreement”) to acquire an exploration epithermal bonanaza gold-silver property in Nevada, known as the Silver Cloud Property. Pursuant to the Purchase Agreement, the Company acquired from Geologix a one hundred percent (100%) interest in and to: (i) the Mining Claims that compress 552 unpatented mining claims totaling 11,210 acres, and (ii) the Pescio Lease dated June 1, 1999 between Teck Resources Inc., and Carl Pescio and Janet Pescio, which requires that the Company pays $50,000 to the Pescio family annually. The lease term was to June 30, 2023 with an option to extend the lease term for three subsequent ten years terms.
The Company was unable to pay the BML fees payable to the State of Nevada due on August 31, 2015, and were therefore required to relinquish the interest in the Silver Cloud Property to the Pescio family.
