SEregeti named in Pathfinder Gold News RelPathfinder Resources stakes 400 New Brunswick claims
Pathfinder Resources Ltd (2) PHR
Shares issued 10,686,925 Sep 20 close $0.19
Mon 23 Sept 2002 News Release
Mr. Victor Tanaka reports
FARM OUT OF SPRINGFIELD GOLD PROPERTY, N.B.
Pathfinder Resources has completed staking in excess of 400 claims in the
vicinity of its Sheba gold property bringing its total landholdings to over
11,000 hectares in Southern New Brunswick.
The company has arranged an option agreement to farm out a 100-per-cent
interest in a group of approximately 225 of these mineral claims totalling
about 3,600 hectares to Serengeti Resources Inc. Due to competitive staking
in the area, the precise number of claims is not yet available. The claims,
referred to as the Springfield project, are adjacent to, and west of,
Pathfinder's Sheba gold property currently being drill tested.
To acquire its 100-per-cent interest in the claims, Serengeti is to: pay
Pathfinder $25,000 to cover the costs of staking and recording the claims;
undertake exploration expenditures totalling $1-million over four calendar
years, being $50,000 in 2002, $150,000 in 2003, $300,000 in 2004 and
$500,000 in 2005; and issue a total of one million shares to Pathfinder
over the same four calendar years, being 50,000 shares in 2002, 150,000
shares in 2003, 300,000 shares in 2004 and 500,000 in 2005. The 2002
expenditure and share issue are firm commitments; all others are optional
based on continued successful exploration of the project. Pathfinder
retains a 2-per-cent net smelter return royalty on mineral production,
which Serengeti may reduce to 1 per cent at any time by paying Pathfinder
$1-million. This agreement is subject to board of director and regulatory
authority acceptance. A director and senior officer of Pathfinder serves as
one of the directors of Serengeti.