VANCOUVER, Aug. 24 /CNW/ - Lincoln Mining Corporation, TSX-V: LMG
("Lincoln" or the "Company") is pleased to announce that, as part of its
progress in moving the Pine Grove to production, Lincoln and its wholly
owned subsidiary Lincoln Gold US Corp. ("Lincoln US") have entered into
a purchase agreement for Lincoln US to acquire 10 unpatented mining
claims and associated water rights (collectively known as the "Cavanaugh
property") situated at the Company's Pine Grove project in Lyon County,
In consideration for the sale of the Cavanaugh property, the vendors
will receive a total of US $650,000 and 400,000 common shares in the
capital of the Company as follows:
August 23, 2012
The vendors will also retain a 1.5% net smelter returns royalty subject
to Lincoln's option to buy down the royalty at a rate of US $75,000 per
one-half percent. The balance of the payments indicated above following
closing will be secured against the Cavanaugh property.
The addition of the Cavanaugh property completes the acquisition of all
claims within the area of the Pine Grove project. The claims will allow
the Company to plan its open pit mine designs and the design of the
operation in general. The Cavanaugh property includes certain water
rights which are expected to provide the Company with a large part of
the water requirements needed for production purposes. As well the
Cavanaugh property has significant exploration potential.
Closing of the transaction remains subject to approval of the TSX
Lincoln Mining Corp. is a Canadian precious metals exploration and
development company with several projects in various stages of
exploration and development which include the Pine Grove gold property,
the Oro Cruz gold property in California and the La Bufa gold-silver
property in Mexico. In the United States, the Company operates under
Lincoln Gold US Corp., a Nevada corporation.
On behalf of Lincoln Mining Corporation
Paul Saxton, President & CEO
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
(AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
THIS PRESS RELEASE INCLUDES FORWARD-LOOKING STATEMENTS OR INFORMATION.
ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACT INCLUDED IN THIS
RELEASE, INCLUDING WITHOUT LIMITATION, STATEMENTS REGARDING FUTURE PLANS
AND OBJECTIVES OF LINCOLN IN RESPECT OF PLANS FOR DEVELOPMENT OF ITS
PINE GROVE PROPERTY ARE FORWARD-LOOKING STATEMENTS THAT INVOLVE VARIOUS
RISKS AND UNCERTAINTIES. THERE CAN BE NO ASSURANCE THAT SUCH STATEMENTS
WILL PROVE TO BE ACCURATE AND ACTUAL RESULTS AND FUTURE EVENTS COULD
DIFFER MATERIALLY FROM THOSE ANTICIPATED IN SUCH STATEMENTS. IMPORTANT
FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THE
COMPANIES' PLANS OR EXPECTATIONS INCLUDE AVAILABILITY OF CAPITAL AND
FINANCING, GENERAL ECONOMIC, MARKET OR BUSINESS CONDITIONS, REGULATORY
CHANGES, TIMELINES OF GOVERNMENT OR REGULATORY APPROVALS AND OTHER RISKS
DETAILED HEREIN AND FROM TIME TO TIME IN THE CONTINUOUS DISCLOSURE
FILINGS MADE BY THE COMPANY. THE COMPANY MAKES ALL REASONABLE EFFORTS TO
UPDATE ITS CORPORATE MATERIAL, DOCUMENTATION AND FORWARD-LOOKING
INFORMATION ON A TIMELY BASIS.
SOURCE LINCOLN MINING CORPORATION
For further information: For further information:
please contact Investor Relations at 604-688-7377 or visit the Company's website at www.lincolnmining.com.