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Land Title

The Buena Vista magnetite project contains mineral rights over approximately four square miles secured through lease agreements on 45 patented mining claims (covering 808.7 acres) and former railroad fee title land (525.8 acres). Included within the four square miles of mineral rights are also 70 unpatented mining claims on Federal land. Full surface rights are included as part of the lease agreements over the patented mining claims.

The patented claims and fee title land are subject to royalties to the beneficial owners, the former with RGGS Land and Minerals Ltd, LP (RGGS) and the latter with Nevada Land and Resource Company, LLC (NLRC).

On 22 June 2011, Nevada Iron announced that NI-LLC had acquired the surface rights to the Section 5 patented land claim that comprises some 525.75 acres.

The acquisition of the Section 5 surface rights provides NI-LLC with full surface rights to the land that will house all of Buena Vista’s proposed production facilities, plant, workshops, stockpiles and the tailings dam.