Fronteer Gold owns a 100% interest in the development-stage Long Canyon project that is about one hundred miles from Newmont’s existing infrastructure in Nevada, which gives Newmont the potential for significant development and operating synergies. Fronteer also owns a 100% interest in the Northumberland project and a joint venture interest with Newmont in the Sandman project in Nevada, among other assets.

Fronteer Gold has total attributable Measured and Indicated gold resources of 4.2 million ounces and Inferred resources of 1.7 million ounces at Long Canyon, Northumberland and Sandman. In January 2011, Fronteer Gold released an interim resource estimate for Long Canyon, which reported Measured and Indicated resources of approximately 1.4 million gold ounces and an additional Inferred resource of approximately 0.8 million gold ounces.

Pilot Gold will own a portfolio of Fronteer Gold’s exploration properties in Nevada, Turkey, and Peru and will be capitalized at closing with $10 million (Canadian Dollars) of cash. After the deal closes, Fronteer Gold shareholders will hold an aggregate 80.1% interest in Pilot Gold, and Newmont will hold the remaining 19.9% interest and Pilot Gold common shares will be consolidated on a one-for-four basis.