Randsburg Agrees to Sell 80% of Its Titan Project
15 1월 2010 - 11:30PM
Marketwired
Randsburg International Gold Corp. (TSX VENTURE: RGZ) announced
today that it has entered into a definitive agreement with Prophecy
Resource Corp. (TSX VENTURE: PCY) whereby Prophecy has been granted
the option to earn an 80% interest in its Titan
Vanadium-Titanium-Iron project located in Ontario, Canada. The
agreement is subject to regulatory approval.
The Titan project is located in north-eastern Ontario,
straddling the boundary between Angus and Flett Townships with
access to excellent infrastructure. It is approximately 120 km
east-northeast of Sudbury, Ontario. The Titan property consists of
1052 contiguous hectares (2600 acres) comprising 17 patented claims
and 3 mining claims.
Under the agreement, Prophecy shall have the right to acquire an
80% interest in the Titan Project by paying Randsburg an aggregate
of $500,000 and incurring $200,000 in Exploration Expenditures by
December 31, 2010. Randsburg has the option to sell its remaining
20% interest in the project to Prophecy until December 31, 2012 for
$150,000 or 400,000 common shares of Prophecy.
"We are pleased to be working with Prophecy on the Titan
project," stated Michael Opara, President and CEO of Randsburg. "In
our view, Prophecy has the ability to considerably advance the
project and bring added value to the parties."
On behalf of the Board of Directors of Randsburg International
Gold Corp.
Michael Opara, President and Chief Executive Officer
Copyright, 2010 - Randsburg International Gold Corporation. This
news release can be reproduced and retransmitted in whole, with no
changes permitted of any kind, including headlines, or the addition
of any headlines or other material, and providing it is supplied
and made available without charge to the end reader.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Randsburg International Gold Corp.
info@randsburginternational.com www.randsburginternational.com
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