PALM CITY, Fla., June 27, 2011 /PRNewswire/ -- Greenwood Gold Resources, Inc. ( OTCBB-GGRI ) and ( OTCQB_GGRI) has purchased a 100% working interest Option from Candorado Ltd. in Calgary Alberta as previously announced in its 8K filing. The property is located in the Quesnel Terrane and the exploration target is an Alkalic copper-gold porphyry deposit.
About the Summer property:
The 955 hectares Summer property is approximately 20 kilometers east of Lac La Hache, in the Cariboo region of south central British Columbia. The property area is within a portion of the Quesnel Trough, an Upper Triassic to Jurassic volcanic arc sequence.. The geology, alteration and mineralization on the Summer property suggest it is underlain by a porphyry related copper/gold system with potential to develop a porphyry copper/gold or skarn deposit.
The first part of the option agreement, Greenwood Gold Resources is required to complete a $350,000 exploration program and pay $150,000 cash to the company in order to earn the 40% interest within 6 month of the option date. The 6.144.975 Common shares have already been issued to Candorado as part of the agreement Greenwood is planning for an updated technical report and ongoing geophysical, geochemical surveys and drilling.
So CDO has a market cap of 2 million dollars and they basically have 2 million dollars right here in this bloody agreement. They have in their hands 6.15 million shares of a company trading at this moment at 12.3 cents.
Here is the math for you. 755 thousand 813 dollars right there for CDO.
Add that to the 150 and the 350 thousand and you almost have the CDO market cap in cash.
And the Summer property was just a small portion of the Murphy Lake property and they have 5 other properties. And I am telling you that Murphy Lake is going to get another JV.
Hey, I am not trying to sell you a load of goods that you can't see. It is all right there in GGRI's news release.