Emgold Mining Corp

Published : July 23rd, 2010

Extends Lease And Option To Purchase Agreement For The Idaho-Maryland Property

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Thursday, July 22, 2010

TSX Venture Exchange: EMR
Other OTC: EGMCF
Frankfurt Stock Exchange: EML
U.S. 20-F Registration: 000-51411

Emgold Extends Lease And Option To Purchase Agreement For The Idaho-Maryland Property

Emgold Mining Corporation (the "Company" or "Emgold") is pleased to announce that it has completed a new two year extension agreement (the "Extension") to the Lease and Option to Purchase Agreement (the "BET Agreement") with the BET Group. The BET Agreement covers the lease and purchase of approximately 2,750 acres of mineral rights and 93 acres of surface rights associated with Emgold's core gold asset, the Idaho-Maryland Project in Grass Valley, CA. The lease period of the BET Agreement will be extended from February 1, 2011 for an additional two years to February 1, 2013. Lease payments during the extension period will be US$30,000 per quarter.

The current lease extension of the BET Agreement, from February 1, 2009 to February 1, 2011, required quarterly payments of US$30,000 per quarter in 2009 and US$60,000 per quarter in 2010. Emgold is also pleased to announce that the BET Group has agreed to defer 50 percent of the quarterly lease payment for 2010, amounting to US$30,000 per quarter. The amount of the deferral, totaling US$120,000, will be added to the purchase price of the Property, the first installment of which becomes due on February 1, 2013. The US$120,000 will be subject to an interest calculation at 5.25% compounded annually. Emgold will have 90 days to bring any outstanding quarterly lease payments on the Property current.

David Watkinson, President and CEO of Emgold stated, "We would like to thank the BET Group for their continued support of the Company and the Idaho-Maryland Project. The extension of the lease period was critical to allow the Company sufficient time to complete the Environmental Impact Report and obtain the Conditional Mine Use Permit for the Project prior to having to commit to purchasing the Property. The deferral of the quarterly payments for 2010 reduces the Company's existing accrued liabilities and future quarterly payments for 2010. The reduction in future quarterly payments for 2011 and 2012 will significantly lower our operating costs through the remainder of the permitting process. This will allow Emgold to focus our resources on moving forward and completing the permitting process for the Idaho-Maryland Project".

The Idaho-Maryland Mine was historically the second largest gold mine in California, producing 2.4 million ounces of gold at an average recovered grade of 0.43 ounce per ton. It is adjacent to the historic Empire Mine, Newmont Mining Corporation's first operating gold mine and historically California's largest gold mine, producing 5.8 million ounces of gold. Newmont retains the mineral rights to the Empire Mine. The Grass Valley Mining District produced over 17 million ounces of gold from 1850 to 1956. The Idaho-Maryland Mine and Empire Mine shut down in 1956 due to the fixed price of gold at US$35 per ounce and rising labor and supply costs after WWII. The Idaho-Maryland Project contains a NI 43-101 compliant measured and indicated resource of 472,000 ounces of gold and an inferred resource of 1,002,000 ounces of gold.

For more information about Emgold, the Idaho-Maryland Gold Project and the Buckskin Rawhide, Stewart, and Rozan Properties, please visit www.emgold.com.

On behalf of the Board of Directors

David G. Watkinson

President & CEO

For further information please contact:
Tel: (530) 271-0679
Email: info@emgold.com



This release was prepared by the Company's management. Neither TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. For more information on the Company, Investors should review the Company's filings that are available at www.sedar.com or the Company's website at www.emgold.com

This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's filings that are available at www.sedar.com or the Company's website at www.emgold.com.

 

Emgold Mining Corp

PRODUCER
CODE : EMR.V
ISIN : CA2909283087
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Emgold Mining is a gold development stage company based in Canada.

Emgold Mining holds various exploration projects in Canada.

Its main assets in production are IDAHO-MARYLAND in USA and ROZAN in Canada and its main exploration properties are JAZZ, STEWART and BUCKSKIN RAWHIDE in Canada.

Emgold Mining is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 20.7 millions as of today (US$ 16.6 millions, € 14.5 millions).

Its stock quote reached its highest recent level on May 12, 2006 at CA$ 9.90, and its lowest recent point on January 01, 2016 at CA$ 0.01.

Emgold Mining has 79 710 000 shares outstanding.

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Project news of Emgold Mining Corp
6/17/2013(Buckskin Rawhide)Drilling to Commence on Emgold's Buckskin Rawhide East Prope...
4/8/2013(Stewart)Discovers New Gold Zone at its Stewart Property, B.C.
9/7/2012(Idaho-maryland)Idaho-Maryland Project Update
8/28/2012(Rozan)Commences 2012 Exploration Program Rozan Property, B.C.
2/15/2012Doubles Size of its Koegel Rawhide Gold-Silver Property, Nev...
2/6/2012(Buckskin Rawhide)Completes Acquisition and Expands its Buckskin Rawhide Gold ...
2/1/2012(Stewart)Announces Successful Results from its 2011 Core Drilling Pro...
1/30/2012(Buckskin Rawhide)s Gold Exploration Activities at its Buckskin Rawhide Proper...
1/25/2012(Rozan)Announces Successful Results 2011 Exploration Program Rozan ...
6/16/2011(Idaho-maryland)Advances Idaho-Maryland Gold Mine Permitting
4/11/2011(Idaho-maryland)Moves Forward with Idaho-Maryland Project Permitting
4/11/2011(Buckskin Rawhide)Expands Claim Position at its Buckskin Rawhide Gold-Silver P...
3/25/2011(Stewart)Announces Upcoming 2011 Field Exploration and Drilling Progr...
3/9/2011(Idaho-maryland)Announces Idaho-Maryland Project Update
1/12/2011(Buckskin Rawhide)Finds High Grade Gold at its Buckskin Rawhide Property, Neva...
7/23/2010(Idaho-maryland)Extends Lease And Option To Purchase Agreement For The Idaho...
1/7/2008(Idaho-maryland Mine)Achieves Important Milestone In Gold Mine Permit Application
11/16/2007(Stewart Property) Discovers Additional Tungsten Mineralization In Trenches At...
6/26/2007Achieves Important Permitting Milestone For Idaho-Maryland M...
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11/29/2013Announces Annual General Meeting and Special Meeting Results
9/4/2013Raises US$450,000 Through Real Estate Transaction
1/30/2013(Buckskin Rawhide)Announces Non-Brokered Private Placement Provides Update on ...
1/28/2013(Rozan)Intersects Gold at its Rozan Property, B.C.
9/10/2012Warrants Exercised
8/17/2012Completes Re-Pricing and Extension of Warrants
7/18/2012to Re-Price and Extend Existing Warrants Offers Early Conver...
5/1/2012Retains Vanguard Shareholder Solutions for Investor Relation...
3/28/2012Identifies Gold Target at its Koegel Rawhide Gold-Silver Pro...
2/27/2012Finds High Grade Gold at its Recently Acquired Koegel Rawhid...
4/20/2011(Buckskin Rawhide)Finds More High Grade Gold And Silver at its Buckskin Rawhid...
8/7/2010Converts Series A Preference Shares And Accrued Dividends To...
9/23/2009Annual And Special Meeting
9/29/2008Presents The Idaho-Maryland Project Overview
9/21/2008Shareholder Update
2/6/2008 Receives Recent Coverage By Smartstox.Com
11/28/2007Completes Drilling On Its Molybdenum, Tungsten And Gold Prop...
8/1/2007Takes New Direction
4/11/2007Additional Exploration Targets At Idaho-Maryland Gold Mine
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