Piedmont Mining Co. Inc. of Reno said last week it signed a letter of intent to enter an exploration agreement with a subsidiary of Gryphon Gold Corp. on property 50 miles southwest of Tonopah.
The companies will enter into the agreement once the price of gold tops $1,000 an ounce for more than 25 consecutive business days or after 90 days from the signing of the letter of intent.
Under the deal, Piedmont would pay Gryphon $8,000 and undertake a work commitment of $750,000 over five years to earn a 51 percent interest in the property.
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