Granite Creek Gold Ltd.: Option Agreement Revision
13 Julho 2012 - 12:00PM
Marketwired Canada
Granite Creek Gold Ltd. (TSX VENTURE:GCX) (the "Company") is pleased to announce
that it has negotiated a revised schedule of issuance of stock to Great Quest
Metals Ltd as part of the option agreement entered into on January 27, 2011 (see
technical report titled 'Technical Report Taseko Property, by Dr. Mathias
Westphal, P.Geo' filed on SEDAR for more information) to acquire up to a 70%
interest in the Taseko Property, subject to TSX Venture Exchange approval.
Commitments under original agreement to earn initial 51%
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Year Stock Work
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Upon Signing 750,000 shares (issued)
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By 1st Anniversary 750,000 shares (issued) $100,000 completed
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By 2nd Anniversary 1,250,000 shares $250,000 completed
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By 3rd Anniversary 1,750,000 shares $650,000 completed
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By 4th Anniversary 2,250,000 shares $1,000,000
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By 5th Anniversary $1,000,000
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Totals 6,750,000 shares $3,000,000
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Commitments under new agreement to earn initial 51%
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Year Stock Work
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Upon Signing 750,000 shares (issued)
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By 1st Anniversary 750,000 shares (issued) $100,000 completed
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By 2nd Anniversary 250,000 shares $250,000 completed
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By 3rd Anniversary 500,000 shares $650,000 completed
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By 4th Anniversary 2,250,000 shares $1,000,000
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By 5th Anniversary 2,250,000 shares $1,000,000
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Totals 6,750,000 shares $3,000,000
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As referenced in the above tables, the issuance of 2.25 million shares has been
deferred from Years 2 and 3 of the agreement until Year 5. This deferral allows
Granite Creek to review market conditions and access issues in regards to First
Nations without undue dilution of its capital stock. Management still believes
that an excellent opportunity exists for discovery and development of a resource
on the property.
Granite Creek Gold also wishes to announce a planned program of sampling and
geological mapping on the Mohawk Zone and Rowtop Gold Zone, mentioned last field
season (see press release dated January 12, 2012). The program will consist of
up to 10 man days of soil and rock chip sampling and is anticipated to commence
mid to late August of this year. The goal of the program is to map the potential
extent and orientation of the zones in preparation for drilling.
The Company also wishes to announce that it has contacted certain individuals in
Mali, West Africa for the purposes of evaluating gold concessions for possible
acquisition. Although there is a certain amount of unrest in the country at the
present time, the area that the Company is interested in investing in has been
stable and is being explored by several international companies who are still
active.
Dr. Mathias Westphal, P.Geo, a Qualified Person as defined in National
Instrument 43-101 has reviewed the technical information in this news release.
This news release includes certain forward-looking statements or information.
All statements other than statements of historical fact included in this
release, including, without limitation, statements relating to the expected
listing of shares, Exchange approvals, the use of proceeds, exploration
programs, and other future plans, objectives or expectations of the Company 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 the Company's plans or expectations include the Company's
ability to obtain Exchange approval and to complete its exploration programs on
schedule and other risks detailed herein and from time to time in the filings
made by the Company with securities regulators. The Company expressly disclaims
any intention or obligation to update or revise any forward-looking statements
whether as a result of new information, future events or otherwise except as
otherwise required by applicable securities legislation.
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