TORONTO, Jan. 19, 2015 /CNW/ - Conquest Resources
Limited (TSV-V: "CQR") ("Conquest" or "the Company") announces
that it has sold its remaining 50% joint venture interest in the
Sunday Lake gold project to Detour Gold Corporation ("Detour
Gold"), for a one-time payment of 33,000 common shares of Detour
Gold ("DGC"-TSX).
Based on the closing share price of Detour Gold on January 16, 2015 the consideration received
by Conquest is valued at approximately $420,000.
The Sunday Lake Property is located along the Sunday Lake
Deformation Zone and situated approximately seven kilometres east
of Detour Gold's 15.5 million ounce open pit gold mine in
northeastern Ontario.
In 2010, Conquest entered into an agreement whereby Detour Gold
was granted an option from Conquest to acquire a 50% joint venture
interest in the Sunday Lake Property by incurring $1.0 million in exploration expenditures.
Under the Option earn-in, Detour Gold vested its 50% interest
and became the Operator of the joint venture by completing
exploration soil geochemistry and geophysical programs in addition
to two exploration diamond drilling programs.
In 2010 Conquest sold its adjacent Aurora Property to Detour
Gold for a cash consideration of $2.0
million and 100,000 shares of Detour Gold.
Conquest is actively seeking a new project to replace its Sunday
Lake Property in mining-friendly jurisdictions such as Canada and the
United States of America. Conquest believes that
prolonged depressed markets for junior exploration companies have
created favorable conditions for the Company to generate value
through the acquisition and exploration/development of distressed
projects and/or companies.
ABOUT CONQUEST
Conquest holds two geologically significant gold exploration
projects in Ontario, Canada.
The Company's flagship Alexander Gold Property is located
immediately adjacent to Goldcorp's producing Red Lake mine in northern Ontario. The
property is 100% owned by Conquest measuring 448 hectares in size
and situated just beyond the security gate at Goldcorp's
Red Lake gold mine. The
Alexander Property is large enough to accommodate another deep,
high grade gold deposit that may repeat adjacent to Goldcorp's Red
Lake Gold Mine, which is less than 800 metres from the property
boundary.
The Smith Lake Gold Project measures 52 square kilometres
in size and consists of six (6) patented mining claims and
twenty-eight (28) unpatented mining claims located within the
Missanabie-Goudreau greenstone belt in Leeson, Rennie and Stover Townships in northern
Ontario. The property is 100% Conquest owned and is
contiguous with the former International Corona Resources Renabie
Gold Mine, which produced more than 1,000,000 ounces of gold from
1941 through 1991.
The Company also maintains a claim to two gold properties in
Zimbabwe.
There are currently 95,477,728 shares of Conquest issued and
outstanding.
This news release may include certain "forward-looking
statements". All statements other than statements of historical
fact, included in this release, including, without limitation,
statements regarding potential mineralization, resources and
reserves, exploration results, and future plans and objectives of
Conquest, are forward-looking statements that involve various risks
and uncertainties. There can be no assurance that such statements
will prove to be accurate and actual results and future events
could differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from Conquest's expectations are exploration risks
detailed herein and from time to time in the filings made by
Conquest with securities regulators. 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 the accuracy of this
release.
SOURCE Conquest Resources Limited