Big News here in Red Lake Big News here in Red Lake even though the stock price may not show it. Time will tell.......
Premier Announces Goldcorp Participation in Red Lake Project
THUNDER BAY, ON, Feb. 27, 2013 /CNW/ -
Premier Gold Mines Limited
(TSX-PG) announces that Goldcorp Inc. (TSX:G), (NYSE:GG) has
notified Premier that it intends to exercise its right to
acquire a 51% interest in the Broulan Reef Project in Red Lake.
On February 25th, Premier announced that it has signed an agreement
to acquire the Broulan Reef Project from
Cypress Development Corp.
(TSX-V:CYP) and Skyharbour Resources Ltd.(TSX-V:SYH) (the
"Vendors") in exchange for a payment to the Vendors $1.75 million
in cash, the issuance of 160,000 common shares of Premier and
the retention of a 0.5% net smelter royalty (NSR).
Goldcorp has provided notice of its intent to exercise its right
to participate in the Broulan Reef acquisition pursuant to
the terms of the Rahill-Bonanza Joint Venture Agreement
between Premier and Goldcorp, whereby Goldcorp has
the 30 day right to acquire a 51% interest in lands situated
within an area of influence associated with the Joint Venture and
will fund 51% of acquisition costs.
The closing of the acquisition is subject to standard conditions,
including regulatory and stock exchange approval.
The Broulan Reef Property is located adjacent to the south and west
of Goldcorp's Cochenour / Bruce Channel Deposit and adjacent to
the west of the Rahill Bonanza Joint Venture.
The Rahill-Bonanza Project is a joint venture located in the heart
of the main Red Lake "Mine Trend" and is being explored with
partner and operator Red Lake Gold Mines Limited ("RLGM"),
an affiliate of Goldcorp Inc.
Tram development through the Joint Venture and underground
drilling are underway.
Stephen McGibbon, P. Geo., is the Qualified Person for the
information contained in this press release and is a Qualified
Person within the meaning of National Instrument 43-101.
Premier Gold Mines Limited is one of North America's leading
exploration companies with a high-quality pipeline of gold projects
focused in proven, safe and accessible mining jurisdictions in
Canada and the United States.
The Company's portfolio includes significant assets in world class
gold mining districts such as Red Lake, Musselwhite and Geraldton
in Ontario and the Eureka-Battle Mountain and
Carlin Trends in Nevada.
This press release contains certain information that may constitute
"forward-looking information" ---- a result of new information,
future events or otherwise, except as required by law.
SOURCE: Premier Gold Mines Limited
Shares Issued: 149,072,712
Ewan Downie, President & CEO
Phone: 807-346-1390
Fax: 807-346-1381
e-mail: Info@premiergoldmines.com