First American Silver Corp. signed a licensing agreement to explore for gold in a 256 square-mile area in Elko County, Nev., the U.S. mining company said Thursday.

First American Silver will be deemed the successor of a specific right to participate on a 50 percent basis with ongoing and future projects operated, controlled and or conveyed by Newmont Mining Corp. and Barrick Gold Corp. in the Carlin Trend area.

First American Silver will finance the cost of developing the prospect.