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Press ReleaseSource: Brookemont Capital Inc.On Tuesday September 7, 2010, 4:04 am
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 7, 2010) - Brookemont Capital Inc. (TSX VENTURE:BKT - News;"Brookemont" or the "Company") wishes to announce that it has enteredinto an option agreement with an arm's length vendor to acquire a 63.4square kilometre property located in the Handeni Region of Tanzania("Handeni West Prospect"). This prospect is bordering Canaco ResourcesInc.'s ("Canaco") Handeni Prospect in Tanzania.
Conrad Clemiss,President of Brookemont stated, "This is a major transaction forBrookemont. Tanzania is one of the best mining regions in Africa andhaving a property of this substantial size bordering Canaco could havean important influence on Brookemont's future growth. Canaco may have amajor discovery, including 23 metres of 19.14 g/t gold (July 12, 2010)on their Handeni Tanzanian Property. This discovery has createdsignificant market attention recently in regards to Tanzania. Ourimmediate plan is to aggressively explore this project. Brookemont isalso scheduled to commence operations on its White Gold Yukon prospectany day, which borders Underworld's discovery and is just north ofKaminak's Coffee discovery. Couple these exciting projects with havingapproximately 25 million shares outstanding, management is optimisticand is looking forward to the short and long term prospect ofBrookemont's corporate growth."
According to the vendor, "Theproperty was first investigated in 2004/5 when Ashanti GoldfieldsCorporation completed geological mapping and geochemical explorationwork. They were responding to the presence of artisan gold miners thatwere following up the placer gold in the river alluvium from the riversdraining the area of the property. These small scale alluvial miners hadbeen actively following up the river alluvium deposits and which hadled to the discovery of some bedrock veins including the Magambazi veinthat is being actively explored by Canaco." Any historical datapresented here are not necessarily representative of this prospectitself. Brookemont plans to file a NI 43-101 report once completed. Theoption agreement is subject to regulatory approval and due diligence bythe Company.
Brookemont may earn an 80% interest in the Handeni West Prospect by completing the following terms:
a. Brookemont is to pay the vendor $75,000 upon execution of the letter
agreement and the vendor is to deliver a technical report with respect
to the Property to be prepared in accordance with NI 43-101 in the name
of Brookemont;
b. Brookemont is to pay the vendor an additional $200,000 and issue
3,000,000 common shares upon closing of the transaction ("Closing
Date");
c. Brookemont is to pay the vendor an additional $350,000 and issue an
additional 3,000,000 common shares on or prior to the date that is
thirteen months from the Closing Date;
d. Brookemont is to incur $350,000 in expenditures on or prior to the date
that is twelve months from the Closing Date;
e. Brookemont is to issue the vendor an additional 3,000,000 common shares
on or prior to the date that is twenty-four months from the Closing
Date; and
f. Brookemont is to incur an additional $500,000 in expenditures on or
prior to the date that is twenty-four months from the Closing Date.
Brookemontwill be able to acquire the remaining 20% by further payments of$4.5-million and issuing 3,000,000 common shares. This additional 20%option will be subject to a 2% net smelter return and the foregoingpayments for this interest may be made over a period of up to threeyears.
Brookemont currently has the following projects: (a) quartzmineral claims in the Yukon bordering Underworld, which was recentlytaken over by Kinross Gold Corporation and directly above the CoffeeDiscovery from Kaminak; (b) mineral claim blocks in the Stewart MiningRegion of British Columbia bordering Canasia Industries Corporation'sClone Prospect; (c) mineral claims prospective for lithium in NorthernOntario; and (d) land in North Eastern Quebec prospective for REE's.Brookemont has approximately 25 million shares outstanding.
If you would like to be added to Brookemont's news distribution list, please send your email address to info@brookemontcapital.com.