Re: ...Don"t.....Panic.....
in response to
by
Welcome To The Strikepoint Gold HUB On AGORACOM
Focused on the Rice Lake Gold Belt
Message: Re: ...Don"t.....Panic.....
Marum purchases Angelina property in Manitoba
March 3, 2006 -Marum Resources Inc. (MMU: TSXV) announces that it has entered into an agreement with Gossan Resources Limited (GSS: TSXV) to purchase a 100% interest the Angelina property in Manitoba's Rice Lake Gold belt. With the acquisition of the Angelina property, Marum holds 10 properties in the Rice Lake gold belt. Two of the properties, the West Rice Lake and Beresford Lake properties are optioned to San Gold Corporation (SGR: TSXV) ( 50/50 interest, Press Releases of August 19, 2005 and October 3, 2005) and one property, the Gem property, is optioned to Grandview Gold inc (GVGI: CNQ) (50/50 interest, Press Release September 30, 2005).
The agreement with Gossan provides for Marum to purchase a 100% interest in 16 claims comprising the Angelina property by paying to Gossan 500,000 shares of Marum and issuing to Gossan 400,000 share purchase warrants exercisable for two years at a price of $0.15 per share. Gossan shall retain a 2.0% net smelter return royalty on production from the property, subject to a buy-back of one half of the royalty (1.0%) for a cash payment of $1,000,000. The terms of this agreement are subject to the approval of the TSX Venture Exchange.
The Angelina property is located at the eastern end of the Rice Lake Gold Belt The belt is currently experiencing a revival as a result of San Gold Corporation putting two gold mines into production in the central part of the belt, 27 kms to the west of the Angelina property.
Following a review of the Angelina property's technical data in the context of regional data acquired by Marum over the past three years, Marum will initiate a summer exploration program to investigate very specific structural zones for gold mineralization. Marum has assembled a strategic ten-property land position in the Rice Lake Gold belt that includes variety of geologic environments that are prospective for gold mineralization.
New Message
Please
login
to post a reply