Mountain Lake Acquires 100% of Glover Island Gold Property in Western Newfoundland From New Island
24 9월 2010 - 9:30PM
Marketwired
Mountain Lake Resources Inc. (TSX VENTURE: MOA) ("Mountain Lake")
and New Island Resources Inc. (TSX VENTURE: NIS) ("New Island") are
pleased to announce that they have reached an agreement through
which Mountain Lake will acquire from New Island an undivided 100%
interest in the Glover Island Property, located in western
Newfoundland. The Glover Island Property consists of two mineral
licenses and one mining lease, covering a total of 5,100 hectares.
In consideration of the acquisition, Mountain Lake will pay to
New Island $500,000, and issue 1 million common shares. In
addition, Mountain Lake will issue share purchase warrants to New
Island for the acquisition of up to another 500,000 common shares
at an exercise price of $1.20 per share for a period of two years.
Mountain Lake will also waive payment of any break fee from New
Island in connection with the termination of the Arrangement with
New Island (notice of Mountain Lake's claimed break fee was
published in its press release of September 1, 2010 and was
disputed by New Island), and forfeit repayment of a loan to New
Island of $160,000 plus the accrued interest (estimated at $3,420).
Mountain Lake will also pay New Island a net smelter returns
royalty of 1% of commercial production, which reduces to 0.5% after
the payment of the first $1 million.
The closing of the proposed transaction is subject to all
required regulatory approvals being obtained.
About the Glover Island Property
The Glover Island Property is a gold exploration property that
is situated roughly 70 kilometres (km) from Mountain Lake's
Valentine Lake Gold Project, and is host to several significant
gold prospects over an 11 km strike length. Significant drill
intercepts at Glover Island include 16.7 metres (m) of 5.31 grams
per tonne (g/t) gold (Au) at the LPSE prospect, 10 m of 4.93 g/t Au
at Kettle Pond South, and 8.0 m of 10.18 g/t Au at the Lucky Smoke
deposit. Non-NI 43-101 compliant resources have been calculated at
the LPSE and Kettle Pond South prospects, and Mountain Lake
believes that these could be upgraded to NI 43-101 disclosure
standards, once data verification and quality control measures are
completed.
Dave Barber, P.Geo., an independent geological consultant and
Qualified Person in compliance with National Instrument 43-101 who
was involved with the Valentine Lake Gold Project going back to the
discovery phase, recently commented, "In addition to working on the
Glover Island Property the gold mineralization formed the basis of
my Master of Science studies and in my opinion it's the most
overlooked project on the island of Newfoundland and second only to
the Valentine Lake Property for its gold exploration
potential."
About Mountain Lake Resources Inc.
Mountain Lake Resources Inc. (TSX VENTURE: MOA) is a diversified
junior exploration company, whose corporate strategy is to build
shareholder value through the exploration and development of
economically viable mineral properties. Mountain Lake's current
projects include: a 30% interest in the Valentine Lake gold
property (Newfoundland) with an option to acquire the remaining 70%
interest from Richmont Mines Inc. and a subsequent sub-option and
joint venture agreement whereby Marathon PGM Corp. can earn a 50%
interest in the property; a 100% interest in the Glover Island gold
exploration property (Newfoundland); an option to earn a 100%
interest in the Little River gold-antimony exploration property
(Newfoundland); a 100% interest in the Bobby's Pond base metals
property (Newfoundland); and a 2,350,000 share (approx.6.4%) stake
in Etruscan Diamonds Ltd., an alluvial diamond project (South
Africa). For more information visit: www.mountain-lake.com.
About New Island Resources Inc.
New Island is a diversified junior exploration company holding
gold and base metal properties in the Province of Newfoundland and
Labrador. New Island has entered into agreements for the sale of
its interest in the gold mine and mill project at Pine Cove in
central Newfoundland and for the sale of the Glover Island
exploration property in western Newfoundland. Additional
information concerning these sales and New Island may be obtained
on New Island's website at: www.newislandresources.com or from the
System for Electronic Document Analysis and Retrieval (SEDAR)
website at: www.sedar.com under New Island's profile.
ON BEHALF OF THE BOARD OF DIRECTORS OF MOUNTAIN LAKE RESOURCES
INC.
Gary Woods, President & CEO
ON BEHALF OF THE BOARD OF DIRECTORS OF NEW ISLAND RESOURCES
INC.
Harold Wareham, President & CEO
NEITHER THE TSX VENTURE EXCHANGE, NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED UNDER THE POLICIES OF THE
EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
THIS NEWS RELEASE.
Contacts: For corporate, media, or investor inquiries on
Mountain Lake please contact: Mountain Lake Resources inc. Greg
Lytle, Communications Manager N. America toll-free: (866) 285-5817
Int'l. & Vancouver: (604) 839-6946 Email:
info@mountain-lake.com For corporate, media, or investor inquiries
on New Island, please contact: New Island Resources Inc. Harold
Wareham, President (709) 576-7711 info@newislandressources.com
New Island Resources (TSXV:NIS)
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New Island Resources (TSXV:NIS)
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