The initial patented and unpatented claims were expanded to encompass the entire Atlanta Mining District. Meadow Bay Gold currently controls 100% interest in over 12,000 contiguous acres in the Atlanta Gold Project. All major infrastructure remains intact including roads (full property access), power and water.
The Atlanta Gold Project is primarily located on land managed by the U.S. Bureau of Land Management.
Subject to permitting, there are no known impediments through exploration or mining in the project area. Cultural and environmental studies commissioned by Meadow Bay have uncovered no material issues which would prevent the company from exploring or mining on its claims.
The core claims surrounding the Atlanta Gold Mine were acquired when Meadow Bay Gold executed the purchase agreement with Bobcat Properties. The key terms of the agreement included a cash payment of $6,000,000 and a 3% Net Smelter Return (NSR) royalty capped at 4,000 ounces of gold. This initial acquisition consisted of 13 patented and 49 unpatented mining claims.
In June 2011, Meadow Bay Gold purchased 135 claims from Atna Resources that completely surround the formerly producing Atlanta Gold Mine. These claims include land with exploration potential, as well as level ground that would be needed for any future production.
The Atna Resources claim block was purchased for $250,000 and 400,000 shares of Meadow Bay Gold common stock. The claims are subject to a 3% NSR royalty, although 1% of the royalty can be re-purchased for $1,000,000, prior to the 5th anniversary of the transaction.
Meadow Bay Gold has staked over 400 claims within the Atlanta Gold Project. At present, Meadow Bay Gold controls the mineral rights to over 12,000 acres and has consolidated the entire Atlanta Mining District.