Fronteer Gold Announces Sale of 10 Exploration Projects to Bridgeport Ventures
25 Octobre 2010 - 1:00PM
Marketwired
Fronteer Gold (TSX: FRG)(NYSE Amex: FRG) announces that it has
signed a definitive agreement to sell a 100% interest in 10 gold
properties in Nevada to Bridgeport Ventures (TSX: BPV). The
Agreement includes projects derived principally from Fronteer
Gold's Nevada Eagle portfolio purchased earlier this year (see
April 26, 2010, press release).
Under the terms of the Agreement, Bridgeport Ventures will issue
an aggregate of 4.5 million common shares as consideration for the
sale. In addition, Fronteer Gold will reserve a 2% Net Smelter
Return royalty on each of the 10 projects. At the close of trading
on October 22, 2010, the share consideration was valued at $5.6
million. The transaction is expected to close before November 15,
2010, and remains subject to customary regulatory approvals.
"Partnering with an experienced and well-funded management team
such as Bridgeport Ventures gives Fronteer Gold additional exposure
to near-term exploration success while we dedicate our full
attention and resources to advancing our Long Canyon,
Northumberland and Sandman gold deposits to production," says
Fronteer Gold President and CEO Mark O'Dea.
With more than 70 gold projects in Nevada and bordering states,
Fronteer Gold has built an exceptional growth pipeline. The
Agreement is consistent with Fronteer Gold's history of seeking
joint-venture arrangements, or tactical divestments of assets, that
afford the company the opportunity to maintain its strong treasury,
create immediate value for shareholders, and provide ongoing
exposure to exploration upside through retained interests and
shareholdings.
ABOUT FRONTEER GOLD
We intend to become a significant gold producer. Our solid
financial position and strong operational team give us the ability
to advance our key gold projects through to production. Our future
potential production platform includes our Long Canyon, Sandman and
Northumberland projects - all located in Nevada, one of the
friendliest gold-mining jurisdictions in the world. For further
information on Fronteer Gold visit www.fronteergold.com.
Except for the statements of historical fact contained herein,
certain information presented constitutes "forward-looking
statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements, including but not limited to, those with respect to
potential expansion of mineralization, potential size of
mineralized zone, and size of exploration program involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievement of Fronteer Gold to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors include, among others, risks related to
international operations and joint ventures , the actual results of
current exploration activities, conclusions of economic
evaluations, uncertainty in the estimation of ore reserves and
mineral resources, changes in project parameters as plans continue
to be refined, future prices of gold and silver, environmental
risks and hazards, increased infrastructure and/or operating costs,
labor and employment matters, and government regulation and
permitting requirements as well as those factors discussed in the
section entitled "Risk Factors" in Fronteer Gold's Annual
Information form and Fronteer Gold's latest Form 40-F on file with
the United States Securities and Exchange Commission in Washington,
D.C. Although Fronteer Gold has attempted to identify important
factors that could cause actual results to differ materially, there
may be other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such
statements will prove to be accurate as actual results and future
events could differ materially from those anticipated in such
statements. Fronteer Gold disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. Accordingly,
readers should not place undue reliance on forward-looking
statements.
NEWS RELEASE 10-35
Contacts: Fronteer Gold Inc. Mark O'Dea President & CEO
604-632-4677 or Toll Free 1-877-632-4677 Fronteer Gold Inc. John
Dorward VP, Business Development 604-632-4677 or Toll Free
1-877-632-4677 Fronteer Gold Inc. Glen Edwards Director,
Communications 604-632-4677 or Toll Free 1-877-632-4677
info@fronteergold.com www.fronteergold.com
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