Crown Gold Announces Amendment of Surprise Lake Option Agreement
08 Fevereiro 2011 - 7:40PM
Marketwired
Crown Gold Corporation ("Crown") (TSX VENTURE: CWM) announces that
it has entered into a letter agreement to amend the payment terms
of the option agreement dated October 29, 2008 regarding the
Surprise Lake property (the "Surprise Lake Option Agreement"),
whereby Crown was granted an option to acquire a 100% interest in
two claims (the "Claims") consisting of 32 units held by the
optionor (the "Optionor") by making certain cash payments and by
issuing a certain number of shares.
Pursuant to the letter agreement amending the Surprise Lake
Option Agreement, Crown has agreed to: (i) issue 220,000 common
shares to the Optionor as soon as all necessary corporate and
regulatory approvals have been obtained; (ii) pay $30,000 to the
Optionor in cash or shares (at the option of Crown) on June 30,
2011; and (iii) pay $50,000 to the Optionor in cash or shares (at
the option of the Optionor) on June 29, 2012. After making the
aforementioned cash or share payments, Crown would own a 100%
undivided interest in the Claims comprising the Surprise Lake
property subject to a 2% NSR royalty in favour of the Optionor.
Crown, formed by the recent amalgamation of Crown Minerals and
Gold Summit, is exploring for high grade gold and silver deposits
in Nevada and Ontario. In Nevada, Crown has NI 43-101 compliant
inferred resources totaling approximately 337,000 ounces of gold at
its Monte Cristo and Sugarloaf properties. These are the most
advanced of five, high-grade, epithermal vein systems controlled by
Crown. The existing resources at Monte Cristo and Sugarloaf remain
open along strike and at depth. Planning for further exploration
and underground or open-pit development is underway. The three
other Nevada properties, Blue Sphinx, Gold Springs and Black
Warrior, all contain well-defined, essentially undrilled
targets.
In Ontario, Crown has reported encouraging assay results from
drilling on its McKenzie Island property at Red Lake. Crown is
planning a new drill program on the McKenzie Island project to
begin in the next few days. Other northwest Ontario properties are
Tabour Lake near Kenora and Surprise Lake in the Uchi Belt, east of
Red Lake. In northeastern Ontario, Crown holds strategic land
positions adjacent to Trelawney's Chester discovery near Gogama, at
the old Stairs Mine near Matachewan and in the Timmins camp.
Information in this news release, including but not limited to
Crown obtaining a 100% interest in the Surprise Lake property,
constitutes forward-looking information. Statements containing
forward-looking information express, as at the date of this news
release, Crown's plans, estimates, forecasts, projections,
expectations, or beliefs as to future events or results and are
believed to be reasonable based on information currently available
to Crown. There can be no assurance that forward-looking statements
will prove to be accurate. Actual results and future events could
differ materially from those anticipated in such statements.
Readers should not place undue reliance on forward-looking
information.
Neither the TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this release.
Contacts: Crown Gold Corporation Mr. Stephen Dunn President and
CEO (416) 822-3343 Crown Gold Corporation Dr Anthony Taylor
Executive Chairman (775) 284-7200 www.crowngoldcorp.com
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