Threegold to Acquire 100% Interest in the Mont-de-l'Aigle Project
(firmenpresse) - VAL-D'OR, QUEBEC -- (Marketwire) -- 10/12/11 -- Threegold Resources Inc. ("Threegold" or "the Company") (TSX VENTURE: THG) is pleased to announce that its agreement with Ressources Appalaches (APP: TSXV) has been amended to allow the Company to increase its interest in the Mont-de-l'Aigle Project. According to the new terms, Threegold now has the option to earn a 100% interest in the project by making a $300,000 payment and by issuing 1,500,000 common shares of the company in three (3) instalments.
According to the original terms (see press release of January 17, 2007), the company was required to incur $2M in exploration over 5 years to earn a 50% interest in the project. The Company is currently in the 5th year of the original agreement and roughly $350,000 remained to be spent to fulfill the option. The amended agreement will now allow Threegold to earn a 100% interest in the project by making an additional cash payment of $300,000 and by issuing 1,500,000 common shares of the company in three (3) instalments: the first upon signing, the second at six (6) months, and the third at twelve (12) months.
Each instalment of shares shall be subject to a 6-month hold period.
The Mont-de-l'Aigle Project is located in eastern Quebec on the Gaspe Peninsula and consists of 178 claims covering 57.8 km2. The property is host to numerous historical mineral occurrences and advanced exploration sites, such as Pardiac, Hattie, Eagle-Gaspesie, Frenette, Calvert and Rio Breccia. Threegold's work in 2008 and 2009 confirmed the elevated base metal potential of the project and the following results were released:
(i) drill length intercept
Victor Goncalves, President and CEO of Threegold Resources commented "This is an excellent deal for both parties involved. Threegold will now control the entire geological structure and this will allow us to fully implement a large-scale exploration approach required to better evaluate a structure of such amplitude."
Antoine Fournier, P. Geo., Vice-President Exploration for Threegold Resources Inc and a Qualified Person as defined by National Instrument 43-101 is responsible for the technical content of this press release.
About Threegold
Threegold has established itself as one of the premier exploration companies in Quebec. The Company has a highly qualified technical team with extensive exploration experience, including previous gold discoveries in Quebec, and management with financing and public company expertise.
Threegold aims to create shareholder wealth through the discovery of new deposits with a focus on Canadian assets, mainly in Quebec. Threegold offers investors a portfolio of high-quality exploration projects and the potential to take part in a major discovery.
With a strategic property portfolio and solid partnerships, like the one with Osisko Mining Corporation, Threegold's goal is to discover a low-cost, multi-million ounce gold deposit in Quebec.
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:
Mr. Victor Goncalves
President and CEO
Threegold Resources Inc.
(204) 997-5517
Mr. Antoine Fournier, P. Geo.
Vice President Exploration
Threegold Resources Inc.
(819) 825-3883
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Unternehmensinformation / Kurzprofil:
Datum: 12.10.2011 - 15:24 Uhr
Sprache: Deutsch
News-ID 75398
Anzahl Zeichen: 3204
contact information:
Town:
VAL-D'OR, QUEBEC
Kategorie:
Mining & Metals
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