NEWSSkyline Gold Agrees to Acquire 8,775 Hectare Inel Property in Iskut Region of BC's 'Golden Triangle'
RICHMOND, BRITISH COLUMBIA, Nov 19, 2010 (MARKETWIRE via COMTEX News Network) --
Skyline Gold Corporation (TSX VENTURE: SK) (the "Company"), a company engaged in the exploration for high-grade gold deposits and development of its Bronson Slope project at the Snip Gold Mine camp in north western British Columbia's 'Golden Triangle', is pleased to announce that it has agreed to acquire 8,775 hectares of mineral tenures (the "Property" or "Inel") from St. Andrew Goldfields Ltd. adjacent and near the Company's current tenure holdings in return for total payment of $1,406,000 subject to receipt of regulatory approval.
Payment is comprised of an initial payment and a final payment. The initial payment is 2,179,845 common shares of the Company valued at $0.3225 per share (the 10 day average closing share price to and including November 16, 2010). The final payment is comprised of, at the election of St. Andrew Goldfields Ltd., cash payment of $703,000 or 1,453,380 common shares valued at $0.4837 per share by November 17, 2011.
The Company's total tenure holdings in the region will increase to 20,925 hectares (ha) from 12,150 ha.
The Company is also pleased to announce that it has recently completed a 1,063m exploration diamond drilling program on the Snip-1 tenure. This program tested a limited strike length of the high grade mineralized zone at the Johnny Creek gorge. The assays for the surface samples collected at this target were announced in the Company's September 29, 2010 news release. Assays from the drill program are expected to be received over the next two weeks.
----------Original Message Posted 11/11/2010 10:50:45 PM----------
NTR update ?
Drilling update ?
Corporate update ?
I mean geesh golly.. It's just a 1000 metre program right ?
Some companies are doing 50000 metres and results come in every few weeks..
Ok.
Love You.
P.Plaka