NEWS: Electra acquires two claims near StewartElectra acquires two claims near Stewart from Naughty
2009-10-05 00:42 ET - News Release
Mr. Jo Shearer reports
ELECTRA GOLD ACQUIRES LAND PACKAGE ADJOINING CANASIA'S CLONE PROPERTY
Electra Gold Ltd. has entered into an agreement to acquire two mining claim blocks (approximately 800 hectares) from Blair Naughty for 25,000 cash and 2.7 million shares. The vendor has a 3-per-cent net-smelter-return royalty, and Electra has an option to buy back 1 per cent for $1-million.
The properties are directly tied on to the west of the Canasia property located southeast of Stewart, B.C., which recently announced in a Sept. 17 news in Stockwatch: "The second phase of drilling on Canasia Industries Corp.'s Clone gold property, situated 18 kilometres southeast of Stewart, B.C., is now complete and six of the 15 holes drilled in phase two contained visible gold in sections. The operator has recently informed Canasia that due to high gold values obtained during the first phase of assaying, the results are being rechecked prior to release from Pioneer Laboratories."
The acquisition is subject to the acceptance for filing by the TSX Venture Exchange.
Electra Gold has arranged a non-brokered private placement of up to six million shares at a price of five cents per share for total proceeds of up to $300,000 subject to the approval of the TSX-V.
The proceeds of the private placement will be used for the exploration of the Harvey Cove project, northern Vancouver Island, which is 100 per cent owned by Electra. Additionally proceeds will be allocated to cover initial costs of the Suquash Coal and Hushamu Coal projects. Also funds will be used in the purchase of trucks and trailers, and finally for general corporate purposes.
J.T. Shearer, MSc, PGeo, president, is the qualified person as defined by National Instrument 43-101 who supervised the preparation of the technical material of this release.
We seek Safe Harbor.
WOW!!! THERE'S DEFINATELY LOTSA GOLD!!! WAITING FOR CAJ NEWS... at the edge of my seat!!!
CAJ is going to blast off when the news comes out!!!
Good luck and good health