Paget Minerals Options 100% of Ball Creek Copper-Gold Property in B.C.
14 Abril 2011 - 10:00AM
Marketwired
Paget Minerals Corp. (TSX VENTURE: PGS) ("Paget" or the "Company")
today announced that it has signed an Option Agreement with
Pembrook Mining Corp. ("Pembrook") to acquire a 100% interest in
Pembrook's Ball Creek Copper-Gold-Molybdenum-Silver (Cu-Au-Mo-Ag)
property in Northwestern British Columbia.
The Ball Creek property comprises 144 claims, covers over 47,200
hectares in the Iskut Copper-Gold Belt of Northwestern B.C. and is
central to three major mine development projects: Galore Creek
(NovaGold/Teck Resources), Red Chris (Imperial Metals) and Schaft
Creek (Copper Fox). Previous exploration has identified a number of
highly prospective porphyry and epithermal targets situated within
the large claim block, including four porphyry Cu-Au-Mo-Ag systems
(Ball Creek, Mess Creek, North More and North Rainbow), and four
epithermal Gold-Silver systems (Lower Rainbow, Upper Rainbow, Rojo
Grande and HP). The Ball Creek porphyry is located 8 kilometres
west of the new Highway 37 Northwest Transmission Line making it
the most accessible porphyry system in the Iskut region.
The Option Agreement requires a minimum C$3,000,000 spending
commitment over a maximum period of 48 months, which Paget intends
to use to follow-up historical mapping, sampling and drilling and
establish and complete new drilling programs focused on developing
a resource. In addition, Paget will issue 5,000,000 shares to
Pembrook subject to conditions of TSX approval. After exercise of
the option, Paget will be obligated to make a payment of
C$2,000,000 to Pembrook upon completion of a NI 43-101 compliant
technical report defining a minimum one million ounce gold or gold
equivalent indicated and inferred mineral resource; and pay a final
C$2,000,000 to Pembrook upon completion of a positive feasibility
study. Pembrook will retain a 2% Net Smelter Royalty, half of which
may be purchased by Paget at any time for C$1,000,000. Pembrook is
a non-arms-length party to Paget by virtue of its 16.5% present
shareholding in Paget, and one common director. Upon issuance of
the 5,000,000 shares, Pembrook's interest would increase to
21.9%.
David Volkert, President & CEO stated, "This flagship
property transaction establishes Paget in the Iskut Belt and adds
significant new potential to Paget's existing B.C. property
portfolio. The Northwest Transmission Line, expected to be
completed in late 2013, will add needed infrastructure to this area
and improve the economics of future discoveries."
About Paget Minerals Corp.
Paget Minerals Corp. is a British Columbia company focused on
mineral exploration and the advancement of a diverse range of
precious metal and copper projects in British Columbia, Colombia
and Mexico, all under active exploration with drill projects in
B.C. including Chist Creek, Icy Lake, Fae and Slam.
About Pembrook Mining Corp.
Pembrook Mining Corp. is a private company focused on mineral
exploration in Peru and Mexico.
On Behalf of the Board of Paget Minerals Corp.,
David F. Volkert, President & CEO
Neither 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
accuracy of this release.
Contacts: Paget Minerals Corp. David Volkert President & CEO
(778) 327-4449 (778) 327-6546 (FAX) www.pagetminerals.com
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