focused on the rapidly developing Dawson Range gold-silver-copper mining district in the central Yukon
Message: News release.
Mistyriver:I found this release very interesting. Google Northern Tiger Resources and read their releases. Very interesting.
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April 07, 2010 Northern Tiger Resources Finalizes Option Agreement on 3Ace Gold Property |
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April 7, 2010: Northern Tiger Resources Inc. (NTR: TSX-V) is pleased to announce that an Option Agreement has been signed for the 3Ace Property, located in the southeast Yukon, Canada, formalizing the terms previously outlined in a Letter of Intent (see News Release dated March 5, 2010). The 3Ace Property is being acquired from Mr. Alex McMillan (the "Vendor"), a long standing Yukon prospector, who recently discovered a quartz vein containing abundant quantities of free gold on the property (see picture). Historic work on the property has also identified a number of large gold-in-soil anomalies that warrant further exploration. "We are very pleased to have the definitive agreement signed for the 3Ace Property," says Greg Hayes, President of Northern Tiger Resources. "We can now turn our attention to planning a program to both evaluate the existing high grade gold occurrence and also develop a model to explore for similar occurrences on the property." The Option Agreement, which is subject to TSX Venture Exchange approval, provides Northern Tiger with an option to earn a 100% interest in the property. To complete the option, Northern Tiger will be required to make cash payments of $500,000, issue 2,000,000 shares and incur $700,000 in exploration expenditures, all over a four year period. All shares issued shall be subject to resale restrictions prescribed by applicable securities laws and the polices of the TSX Venture Exchange. An annual advance royalty payment of $45,000 will start on the 5th anniversary of the agreement and continue until the commencement of commercial production. The Vendor will retain a 2% net smelter return interest (NSR) on the property. If a National Instrument 43-101 compliant resource estimate in excess of 500,000 ounces of gold at a grade greater than 5 g/t is defined on the property, the Vendor's NSR will increase to 2.5% and the vendor will receive a bonus payment of $300,000 (in cash or equivalent Northern Tiger shares). If a National Instrument 43-101 compliant resource estimate in excess of 1,000,000 ounces of gold at a grade greater than 5 g/t is defined on the property, the Vendor's NSR will increase to 3.0% and the vendor will receive an additional bonus payment of $300,000 (in cash or equivalent Northern Tiger shares). Each 1% of the NSR can be purchased by Northern Tiger for $2,000,000. Northern Tiger Resources Inc. is a Canadian-based resource exploration company focused on gold and copper exploration in the Yukon. Through its Dawson Range exploration alliance with Capstone Mining Corp.'s wholly owned subsidiary, Minto Explorations Ltd., Northern Tiger benefits from a wide range of experience, knowledge and capabilities from early exploration to mine production. For further information please contact: Greg Hayes, President and CEO (info@northern-tiger.com). This news release may contain forward looking statements, being statements which are not historical facts, including, without limitation, statements regarding potential mineralization, exploration results, resource or reserve estimates, anticipated production or results, sales, revenues, costs, "best-efforts" financings or discussions of future plans and objectives. There can be no assurance that such statements will prove accurate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. Important factors that could cause actual results to differ materially from the Company's expectations are in Company documents filed from time to time with the TSX Venture Exchange and provincial securities regulators, most of which are available at www.sedar.com. The Company disclaims any intention or obligation to revise or update such statements. 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 |
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You can view the Next News Releases item: Tue Apr 13, 2010, Northern Tiger Resources Identifies Minto-style Drill Target on DAD Property in the Yukon's Dawson Range You can view the Previous News Releases item: Fri Mar 5, 2010, Northern Tiger Resources Acquires Promising Yukon Gold Prospect You can return to the main News Releases page, or press the Back button on your browser. The red x is the picture of rhe rock on display a the PDAC.You can view it by going to google. I don't know how to get the picture on here. If you know please tell me. Gleegee |
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