Paget Options Lamarck Creek Gold Property, West-Central Quebec from Northern Superior Resources Inc.
22 Novembro 2011 - 11:30AM
Marketwired
Paget Minerals Corp. (TSX VENTURE:PGS), ("Paget" or the "Company")
today announced that it has signed an Option Agreement with
Northern Superior Resources Inc. ("Northern Superior") to acquire a
50% interest in the Lamarck Creek gold property in west-central
Quebec (the "Option").
To exercise the Option, Paget must fund expenditures on the
property of not less than, an aggregate, of $1,320,000 as
follows:
a. $120,000 (the "initial expenditures") on or before December 31st, 2011;
b. $600,000 on or before December 31st, 2012; and
c. $600,000 on or before December 31st, 2013.
The initial expenditures are committed. The remaining
expenditures are not committed; however Paget must incur the
amounts set forth in b) and c) before the dates referenced to
maintain the Option. Paget has the right to accelerate expenditures
to earn-in. Northern Superior will be the operator of the project
until December 31st, 2013.
Diamond drilling will start immediately on one of the key
structures identified from the property's airborne geophysical
survey.
David Volkert, President and CEO, stated, "Northern Superior's
expertise in the Chibougamou gold district will be invaluable to
exploring the Lamarck property. This opportunity further
diversifies Paget's property portfolio that includes the principal
Ball Creek property in B.C where drill results are being received
and further news will be disseminated shortly."
Dr. T.F. Morris, President and CEO of Northern Superior,
commented, "We are pleased to have signed this option agreement for
the Lamarck Creek gold property with Paget. With Paget's backing,
Northern Superior looks forward to exploring this promising gold
property located in the heart of the Chibougamou gold
district."
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, Mexico and
Colombia, all under active exploration with drill projects in B.C.,
including Ball Creek, Chist Creek, Icy Lake and Fae.
About Northern Superior Resources Inc.
Northern Superior is a junior exploration company focused on
exploring for gold and diamonds in the Superior Province of the
Canadian Shield. The Company is actively exploring for gold within
two important gold districts: the Stull-Wunnimun in Ontario and the
Chibougamau in Quebec.
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) 327-4449www.pagetminerals.com
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