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2. Mineral Interest Commitments
12 Months Ended
Dec. 31, 2019
Notes  
2. Mineral Interest Commitments

2.  Mineral Interest Commitments

 

The Company has two lease arrangements with landowners that own land parcels adjacent to the Company’s South Mountain patented and unpatented mining claims.  The leases were originally for a seven-year period, with annual payments of $20 per acre.  The leases were renewed for an additional 10 years at $30 per acre paid annually; committed payments are listed in the table below. The leases have no work requirements.

 

 

 

Annual Payment

Acree Lease (June)

$3,390 

Lowry Lease (October)

11,280 

     Total

$14,670 

 

The Company has 78 unpatented claims (1,600 acres) in the Trout Creek area and 21 unpatented claims in the South Mountain area. The claim fees are paid on these unpatented claims annually as follows:

 

Target Area

2019

Trout Creek -State of Nevada

$12,090 

Trout Creek -Lander County, Nevada

940 

South Mountain-State of Idaho

3,255 

   Total

$16,285