I believe it means that hey have kept 431 of the most promising targets and let the other's go back. They PAID the annual dues for those that they believe to be the best.
"The Company paid annual rentals of $60,340 to maintain 431 federal lode mining claims for the North Pipes project."
????? I may be wrong, not enough study yet...but the way it reads.
This is super good news 1) Briscoe can sign the JV and start raising mo' money (please God, not with NYC scum) 2) He can start explaining why he got rid of 2/3 of the North Pipe Claims 3) The Bogeyman will finally be gone at a cost cheaper than keeping the lawsuit going 4) This not that massivly dilutive-we already been there/done that in 2007-2009, 2010 until May.