Monster Acquires Option on Cobalt Hill
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/03/12 -- Monster Mining (TSX VENTURE: MAN)(OTCQX: MMNGF) announces that it has entered into an option agreement (the "Agreement") with Matthias Bindig ("Bindig" or the "Optionor") of Keno City, Yukon, to acquire a 100% interest in 20 unsurveyed quartz mining claims in the Mayo Mining District, Yukon Territory, more commonly known as the Cobalt Hill Property.
Located at the eastern end of the historic Keno Ag-Pb district, approximately 20 km northeast of Keno City, the Cobalt Hill Property comprises 20 road-accessible claims contiguous with Monster Mining Corp.'s flagship Keno-Lightning project. The property covers Yukon Minfile occurrence 105M 034, a Keno-Hill style polymetallic Ag-Pb-Zn+/-Au vein trending 330 degrees with a strike length of approximately 120 m hosted within phyllitic quartzite and metabasalt. Originally staked in 1922, 4.5 tonnes of high-grade ore assaying about 2228 g/t Ag and 80% Pb were shipped to the United Keno Hill mill in 1949(1). Grab samples collected in the early 1970's by the Geological Survey of Canada returned average grades of 1306.3 g/t Ag and 72.5% Pb(2). The acquisition of the Cobalt Hill claims increases Monster's land holdings at Keno-Lightning to 349 claims covering approximately 7070 hectares.
The Agreement calls for an aggregate of $200,000 in cash payments to be made to the Optionor over a five-year period, the issuance of 695,000 common shares, and the completion of staged exploration expenditures on the property in the aggregate amount of $400,000 over five years.
The Cobalt Property is subject to a 3% NSR ("Royalty Interest") in favour of the Optionor. The Company may purchase one-half of the Royalty Interest for $1,500,000 at any time, leaving the Optionor with a 1.5% Royalty Interest.
The property transaction is subject to regulatory approval.
Joanna Ettlinger, PhD, P.Geo, MAusIMM (CP) is the Qualified Person under National Instrument 43-101 who has reviewed and approved the technical information contained in this news release.
(1) Yukon Geological Survey Minfile record 105M 034
(2) Green, L. H., 1971, Geology of Mayo Lake, Scougale Creek and McQuesten Lake map areas, Geological Survey of Canada, Memoir 357, 72 pp.
ON BEHALF OF THE BOARD
Robert Eadie, President, Chief Executive Officer and Director
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:
Monster Mining Corp.
Robert Eadie
1-604-602-4935
1-604-602-4936 (FAX)
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Datum: 03.04.2012 - 18:15 Uhr
Sprache: Deutsch
News-ID 131770
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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