Monster Mining Acquires Red Ridge Property
13 Junho 2011 - 10:00AM
Marketwired Canada
Monster Mining Corp. (the "Company") (TSX VENTURE:MAN) announces that it has
entered into an Option Agreement (the "Agreement") with Larry Bratvold and Brian
Scott, both of the Yukon (the "Optionors"), which gives Monster Mining the right
to earn a 100% undivided interest in 30 unsurveyed quartz mining claims in the
Whitehorse Mining District, more commonly known as the Red Ridge Property (the
"Property") and all rights thereto.
The Property is located approximately 40 kilometres south of Whitehorse, in the
Whitehorse Mining District and consists of 30 quartz claims covering
approximately 530 hectares. The property hosts widespread precious- and
base-metal mineralization, centred over a prominent gossanous ridge. Previous
exploration identified eight mineralized zones (Western, Miller, Saddle, Don,
Vance, East, Moly and North Slope). Mineralization is diverse, and includes
sulfide-bearing quartz veins and shear zones, quartz and carbonate stockwork
zones and mineralized zones of silicified argillicly altered granodiorite.
Reconnaissance programs conducted in 2007 returned best results of 8,662 g/t Ag
(278.5 oz/t Ag), and 2.144% Cu from chip samples collected at the East zone, and
3,387 g/t Ag, 4.12 g/t Au and 63.70% Pb from a grab sample collected at the
Saddle zone (Prize Mining Corporation News Release, November 29, 2007).
Pursuant to the Agreement, Monster Mining can exercise the option by paying an
aggregate of $200,000 to the Optionors, issuing an aggregate of 400,000 common
shares in the capital of the Company, and incurring an aggregate of $690,000 of
exploration expenditures as follows:
----------------------------------------------------------------------------
Exploration
Shares to be Expenditures to be
Cash Payments Issued completed
----------------------------------------------------------------------------
Upon signing of the $15,000
Agreement
----------------------------------------------------------------------------
Within 7 days after 50,000 shares
receipt of acceptance
from the TSX Venture
Exchange ("TSXV") (the
"Effective Date")
----------------------------------------------------------------------------
Year 1 or within 12 months $25,000 50,000 shares $30,000
after the Effective Date
----------------------------------------------------------------------------
Year 2 or within 24 months $35,000 100,000 shares $60,000
after the Effective Date
----------------------------------------------------------------------------
Year 3 or within 36 months $50,000 200,000 shares $200,000
after the Effective Date
----------------------------------------------------------------------------
Year 3 or within 48 months $75,000 $400,000
after the Effective Date
----------------------------------------------------------------------------
TOTAL $200,000 400,000 shares $690,000
----------------------------------------------------------------------------
The Optionors are entitled to receive a 3% NSR, half of which can be purchased
by the Company at any time for $1,500,000.
Commencing on the 5th anniversary date of the Effective Date, the Company will
make advance royalty payments of $20,000 per year, until the earlier of royalty
payments being made following production or the tenth anniversary of the
Effective Date. The advance royal payments will be offset against amounts later
payable to the Optionors upon commencement of production.
The Option Agreement is subject to acceptance by the TSX Venture Exchange.
Dr. Joanna Ettlinger, MAusIMM is the Qualified Person under National Instrument
43-101 who has reviewed and approved the technical information contained in this
news release.
ON BEHALF OF THE BOARD
Robert Eadie, President, Chief Executive Officer and Director
Monster Mining Corp. (TSXV:MAN)
Gráfico Histórico do Ativo
De Set 2024 até Out 2024
Monster Mining Corp. (TSXV:MAN)
Gráfico Histórico do Ativo
De Out 2023 até Out 2024