Crown Gold Revises Letter of Intent with Argentium
19 9월 2011 - 9:55PM
Marketwired
Crown Gold Corporation ("Crown" or the "Company") (TSX VENTURE:
CWM) wishes to announce that it has revised its letter of intent
("LOI") with Argentium Resources Inc. ("Argentium"), an arm's
length Canadian company recently listed on the Canadian National
Stock Exchange. Crown has agreed to grant an option for 80% of
Crown's Monte Cristo property in Nevada to Argentium for $6,100,000
in cash and securities over five years. This LOI supersedes and
replaces the previous LOI signed on March 28, 2011.
Argentium paid a deposit of $100,000 and will issue 2,000,000
shares with a deemed value of $0.50 each on closing and issue a
further $1,000,000 worth of Argentium shares each annual
anniversary for 5 years for a total deemed acquisition price of
$6,100,000. As well, Argentium will commit to spend at least
US$12,000,000 on exploration and development of Monte Cristo over
the next five years. The transaction is subject to a number of
conditions, including approval by each company's board of
directors, completion of formal documentation, and any necessary
shareholder and regulatory approvals.
Crown's President and Chief Executive Officer, Stephen Dunn
stated, "this transaction will allow our Monte Cristo property to
be rapidly advanced by a company that is well financed and able to
source the necessary funding required to put Monte Cristo into
production. It not only recognizes the hidden value of this Nevada
gold project, but it also allows Crown shareholders to continue to
participate in its ongoing development through Crown's
shareholdings in Argentium."
About Crown
Crown Gold, formed last year by the amalgamation of Crown
Minerals and Gold Summit, is exploring for high grade gold and
silver deposits in Nevada and Ontario.
In Nevada, Crown has NI 43-101 compliant inferred resource at
Monte Cristo of 3,158,347 tonnes at a grade of 3.02 g/t gold at a
0.5 g/t gold cut-off, a total of 306,000 ounces. At Sugarloaf Peak,
the Tip Top Mine has a 43-101 compliant indicated resource of
353,100 tonnes at a grade of 3.27 g/t gold at a 1.0 g/t gold
cut-off, a total of 37,000 ounces. In addition, an inferred
resource amounts to 293,500 tonnes at a grade of 2.47 g/t gold,
also at a 1.0 g/t cut-off, a total of 23,000 ounces.
Crown's three other Nevada properties, Blue Sphinx, Gold Springs
and Black Warrior, all contain well-defined and essentially,
undrilled, targets. Gold Springs, has silver values in surface rock
samples that range between 575 g/t (16.8 opt) and 350 g/t (10.2
opt) silver along a 4 km prominent vein outcrop. A second, poorly
exposed, sub parallel vein to the east assayed 33 g/t gold over a
1.3m true width channel sample. Recent work at Black Warrior
confirmed silver values as high as 14.4 ounces per ton (496
grams/tonne) with 0.07 opt (2.4 g/t) gold over 0.6 meter in channel
chip sampling (see news release of June 7, 2011). The work was
undertaken to confirm the previous reports of grades of 20 opt (685
g/t) silver in hand-sorted ore sent to the old Sunshine mill at
Silver Peak in 1983. (The 1983 reports are not compliant with the
requirements of NI 43-101 and, accordingly, cannot be relied
upon.)
In Ontario, surface work is now proposed at Crown's McKenzie
Island property at Red Lake to evaluate the gold bearing, east-west
striking, McAndrews trend where sheeted quartz carbonate veining is
described in old workings. Drilling along the north west striking
Bishops Break trend earlier this year yielded promising results,
including 75 g/t (2.2 opt) gold over 0.91m (3 feet). In
northeastern Ontario, Crown holds three other strategic land
positions including one adjacent to Trelawney's Cote Lake discovery
near Gogama.
Larry Kornze, Senior Consultant to Crown Gold and a registered
Professional Engineer/Geologist, is designated as the Qualified
Person under National Instrument 43-101 and has reviewed and
approved the contents of this news release.
For more information please see the Crown website at
www.crowngoldcorp.com.
This press release contains forward-looking statements within
the meaning of applicable Canadian and U.S. securities regulation,
including statements regarding the future activities of the
Company. Forward-looking statements reflect the current beliefs and
expectations of management and are identified by the use of words
including "will", "anticipates", "expected to", "plans", "planned"
and other similar words. Actual results may differ significantly.
The achievement of the results expressed in forward-looking
statements is subject to a number of risks, including those
described in the Company's management discussion and analysis as
filed with the Canadian securities regulatory authorities which are
available at www.sedar.com. Investors are cautioned not to place
undue reliance upon forward-looking statements.
Neither 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: Crown Gold Corporation Mr. Stephen Dunn President and
CEO (416) 361-2827 Crown Gold Corporation Dr. Anthony Taylor
Executive Chairman (775) 284-7200 info@crowngoldcorp.com
www.crowngoldcorp.com
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