Pengram Corporation Signs an Agreement to Acquire an Option on the Manado Gold Property
19 Janeiro 2010 - 7:37PM
Marketwired
Pengram Corporation (OTCBB: PNGM) (the "Company") is pleased to
announce that it has entered into an agreement (the "Agreement") to
acquire an option to earn up to an 85% interest in four mineral
concessions located in the Lobongan District of Northern Sulawesi,
Indonesia (the "Manado Gold Property"). Under the terms of the
Agreement, the Company has agreed to pay $35,000 to the owner of
the Manado Gold Property (the "Owner") for the exclusive right for
90 days to formalize an agreement (the "Acquisition Agreement") to
earn up to an 85% undivided interest in the Manado Gold Property.
After the 90 day period, the Company may elect to exercise its
options to enter into the Acquisition Agreement and will have 30
days to finalize the formal Acquisition Agreement.
Under the terms of the proposed Acquisition Agreement, the
Company will be able to earn an interest in the Manado Gold
Property by making cash payments, issuing shares and completing
work programs at various stages. The Company will be able to
acquire:
(a) an initial 10% interest in the Manado Gold Property by
paying $90,000 and issuing 150,000 shares of the Company's common
stock to the Owner on execution of the Acquisition Agreement, and
completing a mineral exploration program at a cost of not less than
$250,000 prior to the first anniversary of the Acquisition
Agreement;
(b) an additional 15% interest in the Manado Gold Property by
paying $100,000 and issuing 300,000 shares of the Company's common
stock to the Owner on the first anniversary of the Acquisition
Agreement, and completing a mineral exploration program at a cost
of not less than $500,000 prior to the second anniversary of the
Acquisition Agreement;
(c) an additional 26% interest in the Manado Gold Property by
paying $200,000 and issuing 500,000 shares of the Company's common
stock to the Owner on the second anniversary of the Acquisition
Agreement, and completing a mineral exploration program at a cost
of not less than $1,000,000 prior to the third anniversary of the
Acquisition Agreement; and
(d) an additional 34% interest in the Manado Gold Property by
completing a scoping study.
If the Company acquires an 85% interest in the Manado Property
under the proposed Acquisition Agreement, the Company will be
responsible for the costs of any feasibility studies and, if
warranted, placing the Manado Property into commercial production.
In addition, the Company will have an option to acquire the
remaining 15% interest in the Manado Property by paying the Owner
$5,000,000.
Additional terms of the proposed Acquisition Agreement include,
among other things, that the Company will be responsible for all
costs in maintaining the Manado Property in good standing, and the
Company will have the right to terminate the Acquisition Agreement
on 60 days notice. If the proposed Acquisition Agreement is
terminated, the Company will be entitled to the interest it earned
as of the termination date.
During the 90 days in which the Company will be conducting due
diligence on the Manado Gold Property, the Owner of the Manado
Property is prohibited from negotiating with or entering into an
agreement with any third party in connection with the disposition
or any other encumbrance of it its interest in the Manado Gold
Property.
About the Manado Gold Property
The Manado Gold Property is located in Northern Sulawesi,
Indonesia and is comprised of four mineral concessions totaling 300
hectares. The Manado Gold Property is three kilometers east of the
Mesel, a past producing gold deposit from 1996 to 2002. The
previous owners of the Manado Gold Property conducted a substantial
exploration drilling program on the property. From 1989 to 1999,
the exploration drilling program consisted of 115 diamond drill
holes and 19 reverse circulation holes for a total of 6,547 meters.
These drilling programs identified three main target zones that
contain anomalous values of gold mineralization.
Pengram Corporation
Richard W. Donaldson, President, Secretary and Treasurer
Forward-Looking Statement
This document may include statements that constitute
"forward-looking" statements, usually containing the words
"believe", "estimate", "project", "expect", or similar expressions.
Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. Factors that could cause or
contribute to such differences include, but are not limited to, the
Company's limited operating history, future trends in mineral
prices, the availability of capital, geological or mechanical
difficulties affecting 's planned geological work programs,
uncertainties surrounding estimates of mineralized material and
other risks detailed in the Company's filings with the U.S.
Securities and Exchange Commission. In particular, there is no
assurance that the Company will enter into the formal Acquisition
Agreement, or that it will be able to earn any interest in the
Manado Gold Property. By making these forward-looking statements,
the Company undertakes no obligation to update these statements for
revisions or changes in the future.
Contacts: Pengram Corporation Richard W. Donaldson President,
Secretary and Treasurer 360-255-3436
Pengram (CE) (USOTC:PNGM)
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