Arrowhead Options 51% of Kaburi Gold Project to Tajiri Resources Corp.
22 10월 2011 - 12:02AM
Marketwired
Arrowhead Gold Corp. (TSX VENTURE:AWH) is pleased to announce it
has signed a letter of intent with Tajiri Resources Corp. (the
"Company") whereas Tajiri will acquire a 51% interest in the
hardrock mining rights (the "Rights") in the Guyana Geology and
Mines Commission Large Scale Prospecting Licence No. 01/2009 in the
Kaburi Area, Mazaruni, Guyana SA. ("the Kaburi Project").
(a) The consideration payable for the Rights the Company must pay the
following sums:
(i) $50,000 on the Effective Date;
(ii) $50,000 on the first anniversary of the Effective Date;
(b) to incur Expenditures on the Property, as follows:
(i) $250,000 on or before the first anniversary of the Effective Date;
(ii) an additional $500,000 on or before the second anniversary of the
Effective Date; and
(iii) an additional $750,000 on or before the third anniversary of the
Effective Date;
(c) issue to Arrowhead an aggregate of 7,000,000 Shares as follows:
(i) 1,000,000 Shares on the Effective Date;
(ii) 2,000,000 Shares on or before the first anniversary of the
Effective Date; and
(iii) 2,000,000 Shares on or before the second anniversary of the
Effective Date: and
(iv) 2,000,000 Shares on or before the third anniversary of the
Effective Date.
The shares will subject to the restricted period required by the
TSX Venture Exchange and applicable securities legislation. The
option of the Rights is subject to due diligence by the Company and
the completion of formal documentation.
The Kaburi Project encompasses approximately 6421 acres in the
Mazaruni Mining District, Guyana, SA. Arrowhead has commenced an
independent NI 43-101 Report on the Kaburi Project.
"We are pleased to obtain a partner for our promising Kaburi
project in Guyana. This option will allow Arrowhead to focus on
drilling its encouraging Puruni Project, while at the same time
permitting us to retain a significant interest in the Kaburi
project", comments Steve Smith, President of Arrowhead Gold
Corp.
The Option Agreement is a non-arm's length transaction due to
common directorships.
On Behalf of the Board, Arrowhead Gold Corp.
Steve Smith, President
This news release may contain forward-looking statements based
on assumptions and judgments of management regarding future events
or results. Such statements are subject to a variety of risks and
uncertainties which could cause actual events or results to differ
materially from those reflected in the forward-looking statements.
The Company disclaims any intention or obligation to revise or
update such statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Arrowhead Gold Corp. Steve Smith President
604-642-0115 or Toll Free: 866-345-0115info@tajiricorp.com
Arrowhead Gold Corp. (TSXV:AWH)
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Arrowhead Gold Corp. (TSXV:AWH)
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