I had to go back to Sept. 2004 for some history/background on the "Acquisition Of The Barton Syndicate Property"
http://www.inspirationmining.com/news.html?id=8
| September, 23 2004 |
TSX - ISM Frankfurt- OI8 |
September 21, 2004 - Inspiration Mining Corporation (the "Corporation") is pleased to announce that it has entered into an arm's length agreement to lease the Barton Syndicate Property, Salt Lake and Tooele Counties, Utah. Pursuant to the lease, the Corporation has been granted a 25 year lease to all of the mining claims situated on the property. In addition, the Corporation is required to pay annual stand-by royalty payments commencing in 2009 with payments escalating from $5,000 US per year to $25,000 US per year by 2029. The lease period may be extended so long as the Corporation makes annual royalty payments of not less than $25,000 US per year. The Corporation was also granted the right to purchase the Barton Syndicate Property at any time during the lease period for a sum of $10 million US less any payments made to the leasors. Closing of this transaction is subject to regulatory approval.
In consideration for the lease, the Corporation has agreed to issue an aggregate of 200,000 common shares to the vendors at a deemed price of $0.25 per common share and has granted a 5% net smelter royalty (less all costs associated with mining, milling, processing, transportation and refining).
Under the lease, the Corporation is required to expend an aggregate of $600,000 in expenditures with $100,000 in the first year and a further $100,000, $150,000 and $250,000 in the second, third and fourth years, respectively.
The Barton Syndicate Property is approximately 35 km southwest of Salt Lake City. The property is located about 6.4 km north-northwest of Kennecott's Bingham Canyon copper-goldmolybdenite mine, the world's largest man-made excavation. The past-producing Melco gold mine also owned by Kennecott is located approximately 600 m northeast of the Barton Syndicate claims. The claims are located in rugged topography at the head of Dry Fork Canyon, on the eastern slope of the Oquirrh Mountains. Elevations on the property range from about 1,980 m in the east to 2,440 m in the west part of the property. The claims are accessed by gravel and unimproved roads north of the Bingham Canyon Mine.
