NEWS Release...additional claims!!Adventure Gold to acquire 51 claims in Quebec
Adventure Gold Inc (C:AGE)
Shares Issued 65,624,563
Last Close 9/12/2012 $0.38
Thursday September 13 2012 - News Release
Mr. Marco Gagnon reports
ADVENTURE GOLD DOUBLES ITS LAND POSITION IN THE VAL-D'OR EAST AREA, ABITIBI, QUEBEC
Adventure Gold Inc. has signed two agreements for the acquisition of a 100-per-cent interest in 51 claims totalling 21 square kilometres adjacent to the company's Val d'Or East project. The Property, located 1 kilometre north-northeast of the recently discovered Beliveau West gold zones, is contiguous with the Pascalis-Colombiere property (see figures 1 and 2 on the Company's website at www.adventure-gold.com). The Property is also located 3 kilometres east of the Beaufor Mine owned by Richmont Mines, which has produced over 1M ounces of gold (source: Richmont Mines press release dated March 23, 2010). Prospecting work is already planned for this fall and a first drilling program should start as soon as drilling resumes on Pascalis-Colombiere.
The Property
The Property is located 26 kilometres east of Val-d'Or and is easily accessible by gravel roads. The newly acquired claims encompass several proven gold structures locally drill-tested at shallow depths which historically returned up to 8.8 g/t Au over 2.2 metres (hole VP-83-13 drilled 1.1 km north-northeast of the former Beliveau Mine - source: MRNF GM 40332). Geological compilation of historical work also outlined the presence of surface gold showings with grab samples up to 12 g/t Au (source: MRNF GM 40332). The Senneville deformation zone, which cross-cuts the Property over a strike length of 5 kilometres, also represents a large-scale exploration target where very little exploration work has been conducted in the past.
"With this acquisition, Adventure Gold secures a very strategic and prospective land position adjacent to the Company's flagship Pascalis-Colombiere property where we are currently discovering and defining new gold resources around the former Beliveau gold mine. The new property already contains exploration targets of interest - by using our expertise and skills in the area, we intend to better define and drill-test those targets in the near future," stated Marco Gagnon, President and CEO of Adventure Gold Inc.
For more information on the Property, please visit our website at www.adventure-gold.com and see figures 1 and 2 available at:
https://media3.marketwire.com/docs/Figure1_ValDOrCamp_AGE_andOthers_12sept2012.pdf
https://media3.marketwire.com/docs/Figure%202_ValDOr_EastProject_12_sept_2012.pdf
The Agreements
Under the terms of the first agreement, the Company has acquired a 100% interest in 43 claims from a subsidiary of Blue Note Mining Inc. by making cash payments totalling $75,000 in two instalments, issuing 500,000 AGE shares and granting a 2.0% Net Smelter Return (NSR) royalty on the claims. The Company shall have the right to purchase 1.0% of the NSR royalty at any time by paying $1,000,000. Under the terms of the second agreement, the Company has acquired a 100% interest in 8 additional claims from two independent prospectors by issuing 18,000 AGE shares and granting a 2.0% Net Smelter Return (NSR) royalty on the claims. The Company shall have the right to purchase 1.0% of the NSR royalty at any time by paying $1,000,000. The securities to be issued by the Company pursuant to the agreements will be subject to a four-month hold period from their date of issuance. These agreements are subject to regulatory approval.
Jules Riopel, P.Geo., Vice-President Exploration and Acquisitions, acting as the Company's "Qualified Person" as defined by NI 43-101, has reviewed this press release.