webnugget - here is the NR that describes the terms for the North Carlin properties:
http://evolvinggold.com/news/2007/october-2-2007-evolving-gold-corp-signs-letter-of-intent-to-enter-into-exploration-lease-and-sublease-with-newmont-mining-corporation/
Here is the pertinent section:
Under the terms of the proposed lease and sublease, Newmont will lease to Evolving its interest in certain unpatented mining claims and owned fee interests and will sublease to Evolving its interest in certain leased lands and leased unpatented claims, subject to a back-in right. The lease and sublease covers five separate “Project Areas”, identified as Carlin, Cottonwood Creek, SusieCreek, BoulderValley and Sheep Creek.
Under terms of the proposed lease and sublease, Evolving would be required to make exploration expenditures within each Project Area in the aggregate amount of $US 3,500,000 over a period of five years, with 70% of such expenditures in direct drilling costs.
The initial $200,000 expenditure in each Project Area, with the exception of the Susie Creek Project Area, would be a firm obligation.
Beginning on the sixth anniversary of the proposed lease and sublease Evolving would be required to spend at least $750,000 in exploration expenditures in each Project Area or pay Newmont a rental of $10 per acre for such Project Area, escalating at 5% per year.
The proposed lease and sublease will include provisions for a 3% to 5% sliding scale net smelter returns royalty, less any underlying royalties with a minimum of 2%.
With respect to each Project Area, Newmont would have an option to enter into one or more joint ventures with Evolving and earn a 51% interest in the property by expending 200% of the exploration expenditures made by Evolving, and an additional 19% interest (for a total undivided interest of 70%) by expending an additional 150% of the exploration expenditures made by Evolving.
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So if Newmont exercises all of their back-in rights then EVG would have 30% ownership of the property.
