Foundation Acquires 100% Interest in the Coldstream Gold Project, Ontario
08 Novembre 2011 - 6:32PM
Marketwired
Foundation Resources Inc. (TSX VENTURE:FDN)(FRANKFURT:S52)
("Foundation" or "Company") and Alto Ventures Ltd. ("Alto") have
entered into a binding Letter of Intent pursuant to which
Foundation will acquire Alto's 40% interest in the Coldstream Gold
Project. The Coldstream Project is host to a number of significant
gold targets including the East Coldstream deposit which has a NI
43-101 resource estimate of 763,276 ounces gold (30.5 million
tonnes at 0.78 g/t gold) in the Inferred and 96,400 ounces gold
(3.5 million tonnes at 0.85 g/t gold) in the Indicated categories
(see Figure 1). This consolidation in ownership gives Foundation a
100% interest in the property.
"We are very pleased to acquire the remaining 40% interest in
the Coldstream Property which is a substantial step forward in the
development of the Company," states Foundation's President Ike
Osmani. "Further, this consolidation of ownership enhances Alto as
a strategic shareholder and creates additional value for our
existing shareholders."
In consideration of the acquisition of Alto's 40% interest, the
Company will pay aggregate consideration of $2,500,000 payable
through the issuance of 10,000,000 common shares at a price of
$0.12 per share and $1,300,000 in cash over a six month period. On
the Closing Date, Foundation will pay to Alto $350,000 in cash and
issue Alto such number of common shares, up to 10 million shares,
as will not result in Alto becoming a control person of Foundation.
Within six months of the closing date, Foundation will pay to Alto
$950,000 in cash, subject to a potential three month extension
period, and issue the balance of any common shares due to Alto. As
part of the agreement Alto will vote in support of management for a
period of three years and will not tender its shares to any
take-over bid not recommended by Foundation's Board of
Directors.
About the Coldstream Project
There are currently five (5) known significant gold
mineralization areas occurring within the claim boundaries of the
Coldstream Property that are currently subject to aggressive
exploration and development campaigns by the Company (Figure 1).
The exploration targets include: East Coldstream Deposit, Iris
Zone, Goldie Zone, Span Lake deposit and the Burchell West
prospect. Of these, the East Coldstream Deposit is the most
advanced of all other targets for which a NI 43-101 resource
estimate of 763,276 ounces gold in the Inferred and 96,400 ounces
gold in the Indicated categories has been calculated and reported
on September 20, 2011. The 6,410-hectare Property, located along
the Trans Canada Highway 115 km west of Thunder Bay in northwestern
Ontario, occurs within the western Shebandowan Greenstone Belt
(SGB) of the Wawa Subprovince which is host to some of the richest
gold mines in Canada (e.g., Hemlo gold camp).
Gold on the Coldstream Property occurs along 16 kilometres of
the 25 kilometre long, northeast-southwest trending North
Coldstream-Moss Lake deformation zone and its subsidiary
structures.
To view Figure one, please click on the following link:
http://www.foundationres.com/i/maps/Nov-08-2011-map.jpg
Ike Osmani, M.Sc., P.Geo., the President of Foundation and the
Qualified Person for the Coldstream Project and has reviewed and
approved the technical content of this news release.
About Foundation Resources Inc.
Foundation is a mineral exploration company focused on
exploration and development of gold and base metal properties in
Canada and Mexico. Its flagship Coldstream gold project in the
Shebandowan greenstone belt and Mitchell base metal property in the
Birch-Uchi greenstone belt east of Red Lake occur within the
Western Superior geological province of the Canadian Shield, noted
for hosting prolific gold and base metal deposits in Ontario,
Canada. The San Rafael gold-silver property is located
approximately 150 km northwest of Durango in the Durango State,
Mexico.
On behalf of the board,
Ike Osmani, M.Sc., P.Geo., President & Director
News release contains certain "Forward-Looking Statements"
within the meaning of Section 21E of the United States Securities
Exchange Act of 1934, as amended. Forward-looking statements are
based on numerous assumptions and are subject to all of the risks
and uncertainties inherent in the Company's business, including
risks inherent in resource exploration and development. As a
result, actual results may vary materially from those described in
the forward-looking statements.
CUSIP: # 350476107
Neither the 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: Foundation Resources Inc. Ike Osmani, M.Sc., P.Geo.
President & Director (604) 681-0405 or Toll Free: 800-667-4470
(604) 687-0470 (FAX)info@foundationres.com
Birch Hill Gold Corporation (TSXV:FDN)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Birch Hill Gold Corporation (TSXV:FDN)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024