InterestingJuniors move in. Gentlemen W. Timmins gold rush is on....
Lateegra acquires Price, Eastern Extension properties
2009-07-28 06:26 ET - News Release
Mr. Peter Dickie reports
LATEEGRA ACQUIRES ADDITIONAL TIMMINS BELT PROPERTIES
Lateegra Gold Corp. has acquired two additional properties in the Timmins area of Ontario.
The Price property consists of five mineral claims (52 claim units) covering a total of approximately 2,080 acres located 20 kilometres southwest of Timmins, and approximately eight kilometres east-southeast of the West Timmins mining Golden River zone.
The Eastern Extension property consists of four mineral claims (18 claim units) covering a total of approximately 720 acres located nine kilometres southwest of Timmins, and approximately nine kilometres due east of the Lake Shore Gold -- West Timmins "Thunder Creek" project.
Results published by Lake Shore and West Timmins (see news release issued in Stockwatch on June 24, 2009) show promising results for a resurgence in this historic mining camp including drilling results of 12.75 grams per tonne gold over an 83.4-metre intercept.
The Price and Eastern Extension properties have been acquired from arm's-length vendors. Acquisition costs are a total of $90,000 and 600,000 shares as follows:
- $15,000 paid on signing of the agreement;
- 600,000 shares of the company on exchange approval;
- $25,000 cash 12 months after the date of the agreement;
- $50,000 cash 24 months after the date of the agreement.
The company must also incur a minimum of $50,000 in qualified exploration expenditures on the property in each of the first two years of the agreement. The vendors will retain a 2.5-per-cent net smelter royalty (NSR), of which 1.0 per cent can be purchased by the company for $1-million, leaving the vendors with a 2-per-cent NSR. A finder's fee will be payable on this transaction in accordance with TSX Venture Exchange policy.
"We are excited to enhance the company's landholdings in this historic gold mining district. With activity increasing following the recent release of results, land positions in the area are becoming more and more difficult to obtain," states Lateegra director, Peter Dickie.
We seek Safe Harbor.