Each one in plain English, with the numbers worked through for a shareholder.
7 Apr 2008material agreement● Neutral
A press release announcing the Bradley Mining lease and option for 175 acres in the Stibnite-Yellow Pine district. The company says it now controls more than 4,350 acres there and has named the project Golden Meadows. The release says no confirmation drilling has been done and no proven or probable reserves exist. It restates an already-reported deal and adds historic drill results.
Gold Crest signed a lease and option with Bradley Mining Co. on nine patented mining claims (about 175 acres) in the Stibnite district, Valley County, Idaho. It paid $75,000 for an option through March 30, 2009 to buy them for $300,000 in total, with $225,000 more due if it exercises. This adds to the Idaho land position from the January options.
Gold Crest Mines (the filing names it as the registrant, with Thomas H. Parker signing as President and CEO) took two options, running to August 15, 2008, on Valley County, Idaho property. One is a 5% royalty for $1,642,480 (paid $400,000 now, $400,000 at closing, the rest by note at 6% interest). The other is patented claims of about 255 acres for $435,620 (paid $125,000 now, $100,000 at closing, the rest by note at 6% interest). Both are options, not purchases, so the company must decide by August 15, 2008 whether to exercise.