Goldrich Mining Announces Bridge Financing and June Production Results
SPOKANE, WA - July 28, 2017- Goldrich Mining Company (OTCBB: GRMC) (“Goldrich” or the “Company) announces the following:
Short-term Bridge Financing
Goldrich has received a short-term bridge loan for $600,000. The interest rate is 15% per annum and the loan is due August 31, 2017. The loan is from a director of the company. The Company is currently in discussions to obtain a long-term loan but terms have not been finalized.
Goldrich further announces the Chandalar mine produced 2,937 ounces of raw placer gold, which is approximately equivalent to 2,417 ounces of fine gold, in June. The Chandalar mine is owned by Goldrich NyacAU Placer, LLC (“GNP”), a 50/50% joint venture between Goldrich and NyacAU, to mine the various placer deposits that occur throughout Goldrich’s 23,000-acre Chandalar gold project in Alaska. NyacAU is the manager of the joint venture.
About Goldrich Mining
Goldrich Mining (OTCBB: GRMC) is a U.S. based resource company focused on developing the Chandalar gold district in Alaska, USA. The Company controls a land package spanning over 22,000 acres of highly prospective gold targets and historic mines. Goldrich is focused on building shareholder value by monetizing placer assets, generating non-dilutive funds, and working towards building a lode gold mine at Chandalar.
GNP is a 50/50 joint-venture formed between Goldrich and NyacAU, LLC (“NyacAU”) to mine the various placer deposits that occur throughout the Company’s 23,000 acre Chandalar land package (“Chandalar”) in central Alaska. Goldrich retains ownership of its 50% interest in GNP but, after the sale of 12% of the cash flows Goldrich receives in the future from its interest in GNP to Chandalar Gold, LLC (“CGL”), a non-related entity, Goldrich will effectively receive approximately 44% and CGL will receive 6% (12% of Goldrich’s 50% of GNP = 6%) of any cash distributions produced by GNP, subject to the terms of the GNP operating agreement (see press release dated June 23, 2015).