news Drilling to Resume at Las Bolas / Los Hilos
Vancouver, Canada, April 17 , 2013 - Golden Goliath Resources Ltd. (TSX.V:GNG) (US:GGTH-F)
The Company is pleased to announce that they have received notice that the Mexican Subsidiary of Agnico-Eagle Mines Limited (“Agnico-Eagle”) is scheduled to resume drilling in early May. This will be the second year of work by them on the property since the Earn-in and Shareholders agreement was signed. Under the terms of the agreement, Agnico-Eagle can earn a 51% interest in the property by spending $5 million on exploration over a 5 year period. Agnico-Eagle will then have the option of earning an additional 20% interest by either completing a feasibility study or by spending an additional $10 million in exploration.
During this first year of the agreement a program of diamond drilling that consisted of 2,803.5 metres of NQ diameter diamond drilling in 10 holes of varying lengths was completed. Preparations for this year’s drilling have already started and the drill is expected on site by May 5th. Updates and details of this year’s program will be made available as they are received by the Company.
Private Placement Closes
The Company is pleased to report it closed its Private Placement of 14,444,444 units at a price of $0.09 per unit for gross proceeds of $1,300,000. Each unit consisted of one common share and three-quarters of one non-transferable share purchase warrant exercisable until March 26, 2016 at a price of $0.12 for each whole warrant. The proceeds will be used for site preparation for drilling at Nopalera and the San Martin tunnel and for general working capital. The shares and warrants forming a part of the units and any shares issued upon exercise of the warrants will be subject to escrow requirements whereby they will be released from escrow at the earlier of (a) 15 months from closing the financing; and (b) the date the Company’s shares close at a price of $0.30 or greater, but no earlier than regulatory hold period requirements of July 28, 2013.