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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Stakeholder Gold Corp | TSXV:SRC | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.96 | 0.83 | 0.98 | 0 | 15:51:01 |
MGold Resources Inc. ("MGold" or the "Corporation") (TSX VENTURE:MNI) announces that it has served a notice of termination of the option agreement (the "Option Agreement") previously entered into with Silver Reserve Corp. ("SRC") a wholly- owned subsidiary of Infrastructure Materials Corp. (OTCBB:IFAM)(TSX VENTURE:IFM)(TSX VENTURE:IFM.S), to acquire a 50% undivided interest in the Silver Queen and Klondyke properties, both located in Esmeralda County, Nevada USA (as disclosed in a news release issued on September 16, 2011). Under the terms of the Option Agreement, MGold had the option to acquire a 50% working interest in the Silver Queen property by incurring expenditures of CAD$4 million over a thirty- month period plus cash payments of CAD$2 million over a thirty-three month period. The Option Agreement also called for MGold to expend CAD$1,350,000 over a thirty month period plus cash payments of CAD$265,000 over a thirty-three month period to acquire a 50% working interest in the Klondyke property. MGold has elected to terminate the Option Agreement and to discontinue cash payments and exploration expenditures for both the Silver Queen and Klondyke properties ahead of a March 16, 2012 work commitment anniversary date. This decision comes as the Corporation feels the results to date at Silver Queen do not meet its key decision hurdles and it was not able to meet its expenditure commitments at both properties. Discussions with SRC in efforts to renegotiate the work commitment and cash payment terms for the two properties have been unsuccessful. With MGold's decision to terminate the Option Agreement, SRC retains 100% interest in both the Silver Queen and Klondyke properties. MGold is currently focused on advancing its 100%-owned Burchell Lake property located within the Shebandowan greenstone belt in northwestern Ontario. MGold's nearly 6,000 hectare Burchell Lake property is highly prospective for Archean-aged lode gold deposits and shares property boundaries with Foundation Resources Inc.'s Coldstream property to the north and Moss Lake Gold Mines Ltd.'s property to the west. The Osmani gold deposit, part of the Coldstream property, is located 1.7 kilometers north of MGold's property boundary and contains a 43-101 compliant resource of 763,276 ounces of gold Inferred and 96,400 ounces of gold Indicated. Also, just 1 kilometer north of MGold's property boundary, a 1.15 m trench sample from Foundation Resources Goldie Zone returned 30.7 g/t gold. The Moss Lake deposit is located 5 kilometers west along strike of MGold's property boundary and contains an Inferred resource of 1.5 million ounces of gold. Also, reported historical production of 30,000 ounces of gold and 140,000 ounces of silver came from the Ardeen Gold Mine, located approximately 10 kilometers along strike to the west. Results from MGold drilling at Burchell Lake in 2006-2008 returned encouraging results such as 1.38 g/t Au over 7.15 meters in hole BU08-9 and 1.26 g/t Au over 4.3 meters in hole BU08-11. MGold intends to follow-up on this work during 2012 with 3-D GIS compilation and drill targeting work along with geological mapping and geophysical/geochemical surveys on the remainder of the Burchell Lake property. To date, only 10% of MGold's Burchell Lake has been effectively explored. In addition to developing and executing work programs at Burchell Lake, MGold continues to evaluate other exploration opportunities throughout North America. MGold's recently bolstered exploration team is continuously reviewing gold and base metal opportunities in Ontario and has recently signed a Confidentiality Agreement to review data for several early to advanced stage silver-gold mineral properties in Nevada, USA. The Qualified Person, as defined in NI 43-101, responsible for the issuance of this press release is Joel Scodnick, P.Geo., President & CEO of MGold. About MGold MGold is engaged in mineral exploration for precious and base metals and holds a 100% interest in the Burchell Lake Property, which is located in the Shebandowan area of Northwestern Ontario and is prospective for Archean lode gold deposits. MGold has 36,144,024 issued and outstanding common shares, and 49,094,296 on a fully diluted basis.
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