Company stakes next doorSounds like LRG is close to the TMX property. Hopefuly more drillers in the area stretch the play.
Lateegra buys Ranger property for $245,000, shares
2009-07-20 09:08 ET - News Release
Mr. Peter Dickie reports
LATEEGRA ACQUIRES RANGER PROPERTY NEAR TIMMINS
Lateegra Gold Corp. has acquired the Ranger property, located near Timmins, Ont. The property consists of six mineral claims (80 claim units) covering a total of approximately 1,280 hectares located 20 kilometres southwest of Timmins, and approximately eight kilometres east-southeast of the West Timmins Mining Golden River zone. West Timmins recently released results from its drilling operations at the Golden River zone, including 83.4 metres grading 12.75 grams per tonne (see the news release in Stockwatch dated June 24, 2009, under WTM).
The property was originally staked for Xstrata, but recently became available. In 2007, the Ontario Geological Survey flew a Megatem II survey covering an area around Timmins, including that of Price township, the location of the claims. The results of the airborne survey indicated several anomalies within Price township. The property vendors staked the Ranger property claims based on those results. Additional information available from Ontario ministry website indicates the area is underlain by both volcanics and greenstone belt rock types.
The Ranger property has been acquired from arm's-length vendors. Acquisition costs are a total of $245,000 and 1.1 million shares on the following schedule:
- $20,000 paid on signing of the agreement;
- 200,000 shares of the company on exchange approval;
- $50,000 cash and 200,000 shares of the company 12 months after the date of the agreement;
- $75,000 cash and 300,000 shares of the company 24 months after the date of the agreement;
- $100,000 cash and 400,000 shares of the company 36 months after the date of the agreement;
- The vendors will retain a 2-per-cent net smelter royalty, of which one-half (1 per cent) can be purchased by the company for $1-million, leaving the vendors with a 1-per-cent NSR.
A finder's fee will be payable on this transaction in accordance with TSX Venture Exchange policy.
"We are excited to be able to acquire this highly prospective land package in an area that has seen a rush of staking following very encouraging drilling results from neighbouring West Timmins Mining and Lakeshore Gold," states Lateegra director, Peter Dickie.
We seek Safe Harbor.