Money to drill or not.....
Stakeholder Gold Corp. to Option Three Properties Located in White Gold District of Yukon
Jul. 7, 2011 (Marketwire Canada) --
DAWSON CITY, YUKON -- Stakeholder Gold Corp. (TSX VENTURE:SRC) ("Stakeholder") is pleased to announce that it has negotiated options to acquire a 100% interest in three new properties in the White Gold district of Yukon. The CC and TAK properties are adjacent to Stakeholder's flagship Ballarat property approximately 15km due south of Kinross's Golden Saddle deposit and 20km northeast of Kaminak's Coffee project. The VO property is located on the west side of the Yukon River approximately 15km northwest of the Golden Saddle deposit.
Stakeholder can earn a 100% interest in the 32-claim (665ha) CC property by paying $40,000 cash and issuing 400,000 shares in stages over a three-year period ($10,000 and 100,000 shares upon regulatory approval) subject only to a 2.5% net smelter returns royalty on any mineral production from the property. Stakeholder will have the right to purchase 1.5% of the royalty for $1.5 million and a right of first refusal on the remaining 1% royalty. The property covers the ridge between Kirkman and Thistle creeks where placer mining is ongoing and documented historical production is estimated in excess of 63,000 ounces of gold. CC is strategically located between Kinross's Thistle and Black Fox properties and contiguous to Arcus' Touleary property.
Stakeholder can earn a 100% interest in the 82-claim (1,710ha) TAK property by paying $40,000 cash and issuing 400,000 shares in stages over a three-year period ($10,000 and 100,000 shares upon regulatory approval) subject only to a 2.5% net smelter returns royalty on any mineral production from the property. Stakeholder will have the right to purchase 1.5% of the royalty for $1.5 million and a right of first refusal on the remaining 1% royalty. The property was acquired based on the placer and hard rock knowledge and experience of one of the vendors. A silt sample taken by the vendor returned 70ppb gold and is considered strongly anomalous for gold.
Stakeholder can earn a 100% interest in the 36-claim (750ha) VO property by paying $40,000 cash and issuing 400,000 shares in stages over a three-year period ($10,000 and 100,000 shares upon regulatory approval) subject only to a 2.5% net smelter returns royalty on any mineral production from the property. Stakeholder will have the right to purchase 1.5% of the royalty for $1.5 million and a right of first refusal on the remaining 1% royalty. The property is interpreted to be underlain by the same geology as the White Gold property consisting of stacked thrust sheets of Yukon-Tanana schist and gneiss. Potential exists for intrusion related or orogenic gold mineralization.
Each property acquisition is subject to the execution of a formal option agreement, final Stakeholder board approval and regulatory approval, including the approval of the TSX Venture Exchange. Hinterland Metals Inc. holds a 25% interest in each of the CC and TAK properties. Stakeholder and Hinterland have certain directors in common. Accordingly, the CC and TAK acquisitions will be reviewed and approved by those directors of Stakeholder that do not sit on both boards. In addition, a director of Stakeholder holds a 25% interest in the VO property and accordingly he will abstain from voting on the VO acquisition.