Lateegra Acquires Additional Timmins Destor-Porcupine Fault Gold Property
04 Mai 2010 - 3:30PM
Marketwired
Lateegra Gold Corp. (the "Company") (TSX VENTURE: LRG)(FRANKFURT:
LTGB) is pleased to announce the acquisition, subject to the
acceptance of the TSX Venture Exchange, of a 100% interest in
additional mineral claims in the Timmins gold belt, northern
Ontario.
The Desantis West property covers a total of approximately 240
acres located 5 km southwest of Timmins and is contiguous with the
Company's recently acquired Desantis Mine property. Both properties
form "The Desantis Mine Project" and adjoin the recent discovery by
Metals Creek Resources (MEK-TSX.V), a 50-50 joint venture with
Goldcorp Gold Mines, who announced drill intercepts of 5.68 G/T
gold over 7.0 meters. The Desantis Mine Project comprises the
Desantis Mine having historic gold production during the 1930's up
until 1942 and covers 5 km of strike length of the highly
prospective Destor-Porcupine Fault which is host to the Dome mine
complex and 5 large past producers located between 5 and 10 km east
of the property. Lake Shore Gold's Thunder Creek project is located
13 km along strike west of the property and 5 km further west,
Richmont Mines Inc. just announced hitting 73.54 G/T gold over 7
meters.
The Desantis West Property has been acquired from arms length
Vendors. Acquisition costs total $50,000 and 225,000 shares, staged
as follows: $5,000 paid on signing of the agreement; 30,000 common
shares of the Company upon TSX Venture Exchange approval of the
transaction; $10,000 and 45,000 shares of the Company by the first
anniversary of the agreement; $15,000 and 60,000 shares of the
Company by the second anniversary of the agreement; and, $20,000
and 90,000 shares of the Company by the third anniversary of the
date of the agreement. The Company must also incur a minimum of
$50,000 in qualified exploration expenditures on the property in
each of the three years of the agreement. The Optionors will retain
a two percent (2%) Net Smelter Royalty ("NSR"), of which one-half
can be purchased by the Company for $1,000,000, leaving the
Optionors with a one percent (1%) NSR.
ON BEHALF OF THE BOARD OF DIRECTORS
Christopher Verrico, President and CEO
Cautionary note: This report contains forward looking
statements, particularly those regarding cash flow, capital
expenditures and investment plans. Resource estimates, unless
specifically noted, are considered speculative. The company has not
filed a National Instrument 43-101 report on any property, but will
do so as soon as the information is available. Any and all other
resource or reserve estimates are historical in nature, and should
not be relied upon. By their nature, forward looking statements
involve risk and uncertainties because they relate to events and
depend on factors that will or may occur in the future. Actual
results may vary depending upon exploration activities, industry
production, commodity demand and pricing, currency exchange rates,
and, but not limited to, general economic factors. Cautionary Note
to US investors: The U.S. Securities and Exchange Commission
specifically prohibits the use of certain terms, such as "reserves"
unless such figures are based upon actual production or formation
tests and can be shown to be economically and legally producible
under existing economic and operating conditions.
"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: Lateegra Gold Corp. Christopher Verrico President and
CEO 604-669-9330 or Toll Free: 1-866-669-9377 604-669-9335 (FAX)
info@lateegra.com www.lateegra.com
Lateegra Gold Corp Com (TSXV:LRG)
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