SPOKANE, WA - August 29, 2017- Goldrich Mining Company (OTCBB: GRMC) (“Goldrich” or the “Company) reports Form 10Q for the quarter ended June 30, 2017 was timely filed and includes production figures for Goldrich NyacAU Placer, LLC (“GNP”) through July 31, 2017. GNP is a 50/50% joint venture between Goldrich and NyacAU, LLC (“NyacAU”) formed 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.
GNP production through July 2017 was approximately 7,262 ounces of alluvial gold, equivalent to approximately 6,050 ounces of fine gold. Production for the same period in 2016 was approximately 5,565 ounces of alluvial gold, equivalent to approximately 4,484 ounces of fine gold.
Subject to weather, production in 2017 should continue through mid-September.
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).
