Gold. a) If Lessee sells unprocessed gold ores or gold concentrates or gold dore produced from Minerals, then Gross Value shall be the value of the gold contained in the gold concentrates, dore and ore determined by utilizing (1) the mine weights and assays for such gold concentrates, dore, and ore; (2) a reasonable recovery rate for the refined gold recoverable from such gold concentrates, dore and ore (which shall be adjusted annually to reflect the actual recovery rate of refined metal from such gold concentrates, dore and ore); and (3) the Monthly Average Gold Price for the month in which the gold concentrates, dore, and ore were sold.
Appears in 5 contracts
Samples: Purchase Agreement (Idaho North Resources Corp.), Purchase Agreement (Brilliant Sands Inc), Exploration and Mining Lease and Option to Purchase Agreement (Rarus Minerals Inc)
