Goldrich Mining Announces Filing of Arbitration Claim
SPOKANE, WA - December 6, 2017- Goldrich Mining Company (OTCBB: GRMC) (“Goldrich” or the “Company) announces Goldrich Mining Company, its subsidiary and joint venture (collectively “Goldrich”), as claimants, have filed an arbitration statement of claim against NyacAU, LLC (“NyacAU”), BEAR Leasing, LLC, and Dr. J. Michael James, as respondents. The arbitration statement alleges claims concerning related-party transactions, accounting issues, interpretation of the joint venture operating agreement, and unpaid amounts due Goldrich relating to the Chandalar Mine.
The Chandalar mine is owned by Goldrich NyacAU Placer, LLC (“GNP”), a 50/50% joint venture between Goldrich and NyacAU, 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 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).