Golden Fame Resources Corp. (TSX VENTURE: GFA) ("Golden Fame" or
the "Company") is pleased to announce that it has entered into a
letter of intent with Rodolfo Rodriguez Aldaco for Golden Fame to
acquire up to a 70% undivided interest (the "Option") in and to
certain licenses and property claims owned by Mr. Aldaco known as
the Algun Dia Project located in the Leon-Guanajuato region of
Mexico.
"Algun Dia fits perfectly into our strategic vision of acquiring
historically productive properties and putting them into
production. Algun Dia has significant values of gold, silver and
copper and allows us to take advantage of the robust increase in
the prices of all three of these metals," commented Graham (Chip)
Clark, Jr., CEO and President of Golden Fame.
The Algun Dia Option
Under the terms of the letter of intent, Golden Fame has the
exclusive right and option to earn an initial 50% undivided
interest in the Algun Dia Project by paying to Mr. Aldaco an
aggregate of US$800,000, with $50,000 payable upon execution of the
letter of intent, an additional $100,000 payable upon the execution
of the formal agreement, an additional US$150,000 payable on July
31, 2011, an additional US$250,000 payable on December 31, 2011 and
an additional US$250,000 payable on June 30, 2012; and by Golden
Fame issuing to Mr. Aldaco an aggregate of 2,000,000 common shares
of Golden Fame, with 1,000,000 common shares issuable within five
days following the approval of the Option by the TSX Venture
Exchange (the "TSXV") and an additional 1,000,000 common shares
issuable on December 31, 2011. In order to earn the 50% interest,
Golden Fame must also fund expenditures of US$2,000,000 on the
Algun Dia Project by December 31, 2011, which will include the
completion of a technical report on the property compliant with
National Instrument 43-101. Upon the completion of the above
payments, issuances and funding, Golden Fame will hold a 50%
undivided interest in the Algun Dia Project.
Golden Fame then may earn an additional 20% undivided interest
(for a total undivided interest of 70%) in the Algun Dia Project by
issuing to Mr. Aldaco 1,000,000 common shares of Golden Fame by
December 31, 2012. Golden Fame must pay Mr. Aldaco an aggregate of
US$3,500,000, with US$400,000 payable on December 31, 2012, an
additional US$400,000 payable on June 30, 2013, an additional
US$400,000 payable on December 31, 2013 and an additional
US$2,300,000 payable on June 30, 2014. Golden Fame must fund
aggregate expenditures of US$4,500,000 on the Algun Dia Project,
with US$3,000,000 fundable by June 30, 2013 and an additional
US$1,500,000 fundable by June 30, 2014. Upon the completion of the
above payments, issuances and funding, Golden Fame will hold a 70%
undivided interest in the Algun Dia Project.
The Algun Dia Project
The principal exploration objective on the Algun Dia project is
to quantify the tonnage and grade of the San Cayetano vein
structure. San Cayetano is a brecciated copper-silver-gold-bearing
vein system which varies between ten and sixteen meters true
thickness and has an outcropping length of approximately 1400
meters, dipping approximately 45 degrees towards the SW.
Approximately 300 meters of this strike length has been exposed by
underground workings, the remainder unexplored. Within the exposed
portions, where approximately 25,000 tonnes were mined, and 15,000
tonnes sent to flotation and smelting processing, three-dimensional
observation of the mineralized system is permissive and provides an
excellent platform for planned, close-spaced channel sampling.
Average grades reported by the Optionor (not verified) are 2.52 g/t
gold, 102 g/t silver, and 1.69 percent copper; determined through a
combination of drilling, channel sampling, bulk sampling, and
assays obtained from beneficiation treatment off-site.
Exploration potential is considered excellent for this
multi-element vein-like target. Blue sky potential exists along
strike and down dip, while our initial data compilation should
provide many geological answers to technical questions. The
apparent ease of metallurgical separation of the elements, the
nearby infrastructure, availability of water and power, and a
proximal work force are all positive aspects of the project.
Lawrence Dick, Ph.D., P.Geo., Chief Geologist of Golden Fame
comments, "The acquisition of the Algun Dia project affords the
Company the possibility to begin pattern drilling and internal
ramp-decline construction, within the mineralized zone, towards a
more timely acquisition of all data required for a 43-101 compliant
resource calculation. Our team views this project as a potential
near-term production scenario, should the data permit, with
exploration beginning immediately towards a goal of providing a
potentially-economic resource, while step-out drilling and
underground work attempt to enlarge the ultimate size of the
system."
Completion of the Option is subject to a Number of
Conditions
The completion of the Option is subject to a number of
conditions, including but not limited to the execution of a formal
agreement, satisfactory due diligence, the approval of the formal
agreement by the Board of Directors of Golden Fame and the approval
of the Option by the TSXV. There can be no assurance that the
Option will be completed as proposed or at all.
About Golden Fame Resources Corp.
Golden Fame's focus is to acquire and put into production
historically productive gold, silver and copper properties that
have become economic with the robust increase in metals prices.
On behalf of the board of directors of Golden Fame Resources
Corp.,
Graham (Chip) Clark, Jr., CEO and President
FORWARD LOOKING STATEMENTS: This press release contains
forward-looking statements, which address future events and
conditions, which are subject to various risks and uncertainties.
The Company's actual results and financial position could differ
materially from those anticipated in such forward-looking
statements as a result of numerous factors, some of which may be
beyond the Company's control. These factors include: results of
exploration activities and development of mineral properties,
fluctuations in the marketplace for the sale of minerals, the
inability to implement corporate strategies, the inability to
obtain financing, currency fluctuations, general market and
industry conditions and other risks disclosed in the Company's
filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and
opinions of the Company's management on the date the statements are
made. The assumptions used in the preparation of such statements,
although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, undue reliance should not be
placed on forward-looking statements. The Company expressly
disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Golden Fame Resources Corp. Savio Chiu
604-688-9588
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