FGC News Release - Fri., Dec. 7, 2012
Frontline Gold acquires remaining 10% of Madencilik
2012-12-07 06:00 PT - News Release
Mr. Walter Henry reports
FRONTLINE GOLD PURCHASES REMAINING 10% OF TURKISH ASSETS
Frontline Gold Corp. has purchased the outstanding 10-per-cent ownership of its Turkish subsidiary, FrontlineGold Madencilik San. Ve Tic. Ltd. Sti, from Aegean Gold Madencilik Ltd. Sti. Aegean Gold, through its partners, had assisted the company with the sourcing and acquisition of its permits in Turkey. Frontline now owns 100 per cent of the Turkish assets, including the Menderes project. Frontline will issue 1.5 million shares of the company to Aegean Gold, at a deemed value of three cents per share, subject to TSX Venture Exchange approval and final documentation.
Frontline's Menderes project, located in Izmir province, western Turkey and located only 20 kilometres from the provincial capital of Izmir, consists of 62 square kilometres in a high potential epithermal gold environment. The exploration focus of Menderes is the eastern strike extension of Eldorado Gold Corp.'s Efemcukuru gold mine, which began operation in mid-2011.
Update
As highlighted in the company's Nov. 8, 2012, press release, Frontline continues to engage in active discussions with several interested parties in an effort to monetize its interest in the Menderes project.
Finally, early stage prospecting and review of compilation work of properties in Turkey continues with the objective of adding to Frontline's Turkish portfolio.
Commentary
"I would like to thank Aegean Gold and its partners for its assistance and guidance during the early days of development of the company's Turkish subsidiary," said president and chief executive officer, Walter Henry. "Furthermore, I am pleased with the level and progress of the discussions that we have been having with parties interested in our 100-per-cent-owned Menderes project."
We seek Safe Harbor.