Randsburg Signs Memorandum of Understanding on Flett Project
11 8월 2011 - 11:11PM
Marketwired
Randsburg International Gold Corporation (TSX VENTURE: RGZ)
announced today that it has signed a Memorandum of Understanding
("MOU") with respect to its Flett Project located in Flett Township
in Northern Ontario. Randsburg holds a 100% interest, subject to a
3% NSR, in 10 claims located in Flett Township covering
approximately 5,440 acres contiguous to the Company's 20% owned
Titan Iron-Titanium Vanadium Project. Flett Township is located 120
kilometres northeast of Sudbury, Ontario and 50 kilometres north of
the City of North Bay. The Flett project is prospective for iron,
titanium, nickel and platinum group metals (PGM).
The MOU was signed with Gloss Gold Investments Limited ("Gloss
Gold"), a private company located in Markham, Ontario. Gloss Gold
is controlled by an investor group based in Hong Kong and China.
Under the terms of the MOU which is subject to a due diligence
period of 45 days and a definitive agreement, Gloss Gold can obtain
an 80% interest in the project by paying Randsburg $50,000 upon
signing of the definitive agreement, payments totaling $90,000 the
first year and $25,000 per month thereafter up to $2 million. On
the earlier of Gloss Gold obtaining a mining license or
transferring its interest in the property or December 31, 2013, the
balance of the payment must be made either in cash or shares of the
acquiring company at the option of Randsburg. Gloss Gold agrees to
undertake a feasibility study within 2 years, spend a minimum of
$200,000 on exploration and development by June 30, 2012, including
completing a geophysical survey and a drill program of at least
1,000 metres by June 30, 2012; and in addition, spend a minimum of
$200,000 on exploration and development per year after July 31,
2012. Should the project be placed into production Gloss Gold shall
cover all costs up to $100 million in respect of the construction
of a mine and plant. Gloss Gold will be the Operator.
The Companies are forming an alliance to advance Flett and to
pursue other mining projects. "We are pleased to be working with
Gloss Gold on the Flett project," stated Michael Opara, President
of Randsburg. "Gloss Gold has a business team with considerable
experience in the Hong Kong and Chinese capital markets and we look
forward to advancing this and potentially other projects with
them."
On behalf of the Board of Directors of
Randsburg International Gold Corp.
Michael Opara, President and Chief Executive Officer
Copyright, 2011 - 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. Michael Opara
President and Chief Executive Officer 416-486-4078
info@randsburginternational.com
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