Great Western acquires 48 mineral claims from Nevada Select Royalties

Gold, silver and copper miner Great Western Mining has inked an option agreement to acquire 48 mineral claims in the US state of Nevada from Nevada Select Royalties.

Great Western said on Friday that surface exploration on the mineral claims, collectively known as the Olympic gold project, identified at least four main gold and silver targets.

The AIM-listed group, which has six existing lode claims in the state of Nevada, acquired the rights to the Olympic Project, located in the Bell mining district, under an "option to purchase" agreement. The option payments amounted to $150,000, spread over a four year period.

Great Western also has the right to relinquish the option agreement without penalty. However, should a commercial mining project proceed, it will have to pay a net smelter return royalty of 3% on all production.

The firm also highlighted that the Olympic project would be serviced by its existing facilities and personnel in Nevada.

As of 0950 BST, Great Western shares were flat at 0.12p.