News from other companyArcturus signs LOI to acquire Nus from Colombian Mines
2010-05-12 12:04 ET - News Release
See News Release (C-AZN) Arcturus Ventures Inc
Mr. Blake Macdonald of Arcturus Ventures reports
ARCTURUS VENTURES INC. ACQUIRES NUS GOLD PROJECT LOCATED IN THE DEPARTMENT OF ANTIOQUIA, COLOMBIA
Arcturus Ventures Inc. has signed a letter of intent with Colombian Mines Corp. for the acquisition of the Nus gold project located in the Antioquia department of Colombia.
The Nus project consists of three licence blocks totalling 2,605 hectares located in the municipalities of San Roque, Santo Domingo and Yolombo in Antioquia, 85 kilometres from Medellin. This important gold region contains many old mines dating from the Spanish period as well as many notable active exploration projects. In the immediate vicinity is B2Gold Corp. and AngloGold Ashanti's Gramalote property where the Trinidad and Gramalote Ridge zones are less than five kilometres and 10 km, respectively, along strike from the largest licence block of the Nus property.
The key terms in the letter of intent are:
- Arcturus will earn a 90-per-cent interest by paying $27,000 and issuing 100,000 shares to Colombian Mines;
- Arcturus will have an option to acquire Colombian Mines' 10-per-cent carried interest with a payment of $1-million and a royalty in the amount of 1 per cent of the net smelter returns;
- Upon completion of a positive feasibility study on the project Arcturus will issue an additional 900,000 shares to Colombian Mines.
Blake Macdonald, president and chief executive officer of Arcturus, commented: "We are extremely pleased to be acquiring a quality project like the Nus licences. We believe that the regional history, geology and adjacent discoveries demonstrate that this project has high potential to host significant gold mineralization. We feel this acquisition is a good opportunity to enhance shareholder value." Arcturus will follow up on Colombian Mines' initial fieldwork with targeted exploration of identified anomalies in 2010.