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TomaGold enters joint venture agreement

Stockhouse Editorial
0 Comments| November 26, 2012

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TomaGold Corp. (TSX: V.LOT, Stock Forum) said that it has signed a joint venture agreement with Quinto Real Capital Corp. (TSX: V.QIT.P, Stock Forum) for the exploration and development of the Monster Lake property in Quebec.

During the winter of 2012, TomaGold drilled 16 holes for a total of 2,420 metres on the Monster Lake property, located 44 kilometres southwest of the town of Chibougamau, and made a major discovery of 237.6 grams per tonne gold for over 5.7 metres.

According to the TomaGold press release, the agreement grants Quinto the option to acquire an initial 50% interest in the Monster Lake property in consideration of one million shares of Quinto to be issued on closing of the transaction, $350,000 paid to TomaGold over a four-year period, and funding of $6 million in exploration work over a four-year period.

Once it has earned its 50% interest, Quinto will have the option of acquiring an additional 20% interest by the seventh anniversary of the agreement in consideration of $4 million in additional exploration work or a feasibility study fully financed by Quinto.

The joint venture agreement and private placement are subject to regulatory approval.

TomaGold is a Canadian-based mining exploration company whose primary mission is the acquisition, exploration and development of gold projects in Canada and abroad.

On Monday, TomaGold’s stock was up 9% and was trading at $0.12 a share. The company has a market cap of $5.3 million, based on 44.3 million shares outstanding. The 52-week high and low was $0.96 and $0.07 respectively.



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