Mr. Victor Goncalves reports
THREEGOLD ACQUIRES 100% INTEREST IN SHINING TREE CLAIMS
Threegold Resources Inc. has purchased a 100-per-cent interest in 12 claims in the Shining Tree district.
The Shining Tree area is strategically located in the Larder MiningDivision, District of Sudbury, Ontario between Timmins, Sudbury andKirkland Lake along the extension of the well-known Cadillac-Larder LakeBreak host to numerous gold mines in Ontario and Quebec. It lies withinthe Abitibi Greenstone Belt where the geology is characterized byultramafic to mafic volcanics with lesser pyroclastics andmetasedimentary rocks of Huronian and Temiscaming age all of which areintruded by numerous felsic to mafic dykes. The rocks in the area arefolded in a synclinal with a moderate northwest plunge that is observedin the steeply dipping, rapidly turning structures. The goldmineralisation is associated with quartz veins of various nature eitheras shear-hosted or tension veins.
The claim blocks are immediately adjacent to the Creso Resources Inc.and Goldeye Explorations Limited properties between the Duggan, Tyraniteand Minto occurrences in the Tyrell and Knight townships. The area hasbeen seeing increasing activity with high grade assays being reported byCreso Resources near to the Threegold properties. These assays includehole M_09-02 drilled by Creso grading 18.2 g/t Au over 65.7 metersincluding a section of 25.7 meters grading 33.2 g/t Au.( see CXT NRdated 2010-06-10)
The terms of the agreement are as follows: $150,000 and 3.3 millionshares of the company which will be subject to a 4 month hold. Theproperty is subject to a total 3% NSR of which 1% of it can be boughtfor $1 million. A finders fee of 330,000 shares was paid in connectionwith this property acquisition. The acquisition is subject to regulatoryapproval.