Mill City Amends Croxall Property Option and Joint Venture Agreement
(firmenpresse) - CALGARY, ALBERTA -- (Marketwire) -- 06/13/12 -- MILL CITY GOLD CORP. ("Mill City" and/or the "Company") (TSX VENTURE: MC)(OTCBB: MCYGF)(FRANKFURT: NJ6) announced today it has amended the option and joint venture agreement entered into with Temex Resources Corp. ("Temex") on September 21, 2010.
Temex has an option agreement allowing it to acquire a 100% interest in the Croxall Property ("Croxall"), located in the Ogden, Price and Thorneloe townships, in the Porcupine Mining Division. The original option agreement was announced by Temex in its June 25, 2009 news release.
As per the Company's September 21, 2010 news release, Mill City has the option to earn not less than a 75% interest in Croxall. Mill City's original commitment to spend $250,000 on Croxall by the first anniversary of the agreement was waived by Temex on August 10, 2011. In order to earn a 75% interest in the property, Mill City must now spend a total of $750,000 prior to the fourth anniversary of the agreement and must pay all cash payments, including any advance royalty payments, that remain to be paid on the property until the formation of the joint venture. The amending agreement now requires that the $30,000 cash payment due on June 22, 2012 is to be paid one half by Mill City and one half by Temex. In addition, Mill City, subject to TSX Venture Exchange approval, is required to issue 300,000 shares of the Company to Temex.
Except for the above, all other sections, terms and conditions of the option and joint venture agreement shall remain and continue in full force and effect.
ON BEHALF OF THE BOARD OF DIRECTORS
James R. Brown, Chairman, President & CEO
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:
Mill City Gold Corp.
James R. Brown
403-640-0110
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Datum: 13.06.2012 - 20:15 Uhr
Sprache: Deutsch
News-ID 156324
Anzahl Zeichen: 4358
contact information:
Town:
CALGARY, ALBERTA
Kategorie:
Mining & Metals
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