WestCan Uranium Options Gold Property
23 9월 2010 - 7:00PM
Marketwired
WestCan Uranium Corp ("WestCan") ("the Company") (TSX VENTURE:
WCU)(FRANKFURT: IAR), announces the Company has entered into an
option agreement with an arm's length Vendor who owns 100% of the
Sage Creek Gold Prospect located in the Indian Creek Mining
District of Lemhi County, Idaho, USA.
The Sage Creek Gold Prospect lies 5 km to the east of the Kittie
Burton/Ulysses Mines, and appears to be a continuation of the same
mineralized stratigraphy that produced over 60,000 ounces of gold
(Idaho Geological Survey Website) from the mines since 1905. Work
was also conducted on the same mineralized horizon on Indian Creek,
by Tenneco, Echo Bay, Noranda and FMC Minerals in the late 1980's.
Management believes that the Sage Creek Prospect is an example of a
stratiform type, iron-formation hosted gold deposit. Iron formation
hosted gold deposits often exhibit excellent lateral and down-dip
continuity and can be very large. They also tend to have good
grades that allow profitable underground mining. Well-known
examples of iron formation hosted gold deposits are the Homestake
mine in South Dakota that produced over 40 million ounces of gold
during its 126-year life, and Goldcorp's Musselwhite mine in
Ontario. The target horizon on the Sage Creek property is within
100 metres of surface over a large part of the project area.
Under the terms of the agreement, WestCan will pay the Vendor a
cash total of $30,000 over the next 12 months, with a further
payment of $20,000 or the value of 15 ounces of gold, (whichever is
greater) in 2012, and further payments of $25,000 per year or the
value of 15 ounces of gold, (whichever is greater) for the
following 3 years. WestCan will also pay an annual 2% royalty to
the Vendor, upon the property going into production. 1% of the
royalty may be purchased within the first ten years of the
agreement, by a cash payment equal to the then value of 1,500
ounces of gold. The remaining 1% royalty may be purchased for a
cash payment equal to the then value of 2,000 ounces of gold. All
currency is in US dollars.
CEO Chris England stated that "this exciting new acquisition
gives WestCan a relatively low-risk exploration prospect with the
possibility of developing in-the-ground resources in the near term,
at a low cost. It also broadens the company's focus by exposing our
shareholders to gold, at a time when the gold price is rising and
investor interest is growing rapidly"
On behalf of the Board of Directors
Chris England, President and CEO
WestCan Uranium Corp.
Statements about the Company's future expectations and all other
statements in this press release other than historical facts are
"forward looking statements". The Company intends that such
forward-looking statements be subject to the safe harbours created
thereby. Since these statements involve risks and uncertainties and
are subject to change at any time, the Company's actual results may
differ materially from the expected results.
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: WestCan Uranium Corp. Chris England President and CEO
604-694-0888 info@westcanuranium.com www.westcanuranium.com
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