On January 25, 2011, Ironwood Gold Corp. (the “Company”) entered into a lease agreement with The Falcon Group Claims (“Falcon”) for the development of a gold-silver mining project known as the Falcon Mine Property (the “Property”) located in the northern end of the Carlin Trend gold belt in Nevada (the “Lease”). The Lease includes an earn-in joint venture agreement option, to be negotiated by the parties, for further development of the Property. Such joint venture option is exercisable anytime on or before November 30, 2012, unless such option period is extended pursuant to the terms and conditions of the Lease.
In accordance with the Lease, the Company is obligated to make a series of payments to Falcon set forth as follows: (a) three separate payments of $25,000 on or before (i) January 28, 2011; (ii) April 1, 2011; and (iii) August 1, 2011; and (b) three separate payments of $50,000 on or before (i) July 1, 2012; (ii) September 1, 2012; and (iii) November 30, 2012. As further consideration, the Company has issued to Falcon 1,500,000 shares of Company common stock upon execution of the Lease and will issue an additional 1,500,000 shares of Company common stock on November 30, 2011. The Lease can be terminated by either party on thirty (30) days notice due to non-payment or any breach of the Lease, such breach not cured within a fifteen (15) day cure period.
The Property consists of six patented claims and between 60-100 newly staked claims that join the patented claims on which the mine is situated. In accordance with the Lease, the Company is obligated to make certain expenditures on the Property, including drilling a minimum of four (4) drill holes for the purpose of obtaining soil samples and conducting field survey work on the Property.
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