New Island Resources Inc. Announces Closing of Sale of Glover Island
22 10월 2010 - 11:37PM
Marketwired
New Island Resources Inc. (the "Company") (TSX VENTURE: NIS)
reports that the sale of its Glover Island prospective mineral
property to Mountain Lake Resources Inc. ("Mountain Lake") has
closed in accordance with the terms of the Property Transfer
Agreement (the "Agreement") dated September 23, 2010 between the
Company and Mountain Lake. The Agreement was previously announced
in a joint New Island/Mountain Lake press release dated September
24, 2010.
Pursuant to the Agreement, the Company has transferred its
interest in the Glover Island property to Mountain Lake for
consideration from Mountain Lake consisting of $500,000 cash;
1,000,000 common shares of Mountain Lake; share purchase warrants
for the acquisition of up to another 500,000 common shares of
Mountain Lake at an exercise price of $1.20 per share for a period
of two years; a waiver and release of a loan to New Island of
$160,000 plus accrued interest (estimated at $3,420); and a waiver
and release of any break fee payable by the Company to Mountain
Lake in connection with the termination of a prior arrangement
agreement between the parties. 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.
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 an agreement for the sale of
its interest in the gold mine and mill project at Pine Cove in
central Newfoundland. Additional information concerning this sale
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
Harold Wareham, President and CEO
Statements contained in this release that are not historical
facts are forward-looking statements, which involve known and
unknown risks and uncertainties not under the company's control,
which may cause actual results, performance or achievements of the
company to be materially different from the results, performance or
expectations implied by these forward-looking 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: New Island Resources Inc. Harold Wareham President
(709) 576-7711 (709) 576-2236 (FAX) info@newislandressources.com
www.newislandresources.com
New Island Resources (TSXV:NIS)
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