TSX Venture Exchange APPROVALGolden Fame Algun Dia property agreement
2011-05-20 16:25 ET - Property Agreement
The TSX Venture Exchange has accepted for filing a letter of intent dated March 28, 2011, pursuant to which Golden Fame Resources Corp. has the right to acquire up to a 70-per-cent interest in the Algun Dia gold project east of Guanajuato, Mexico, owned by Rodolfo Rodriguez Aldaco.
The total consideration payable by the company to Mr. Aldaco pursuant to the agreement over a three-year period is:
$4.3-million (U.S.) cash;
Three million common shares of the company.
In addition, the company must expend a minimum of $6.5-million (U.S.) on exploration/development work on the project over the three-year period. The company is required to incur minimum work expenditures of $2-million (U.S.) by Dec. 31, 2011.
For further information about the transaction, please read the company's news releases dated April 6, 2011, and May 18, 2011, available on SEDAR