Lake Shore Gold and Revolution Resources Amend Option Agreement for Mexican Properties
26 Luglio 2012 - 2:45PM
Marketwired
Lake Shore Gold Corp. (TSX:LSG)(NYSE MKT:LSG)(NYSE Amex:LSG) ("Lake
Shore Gold" or the "Company") today announced that the Company has
amended the terms of its option agreement (the "Agreement") to sell
up to 100% of the Company's Universo and Montana de Oro land
positions in Mexico to Revolution Resources Corp. ("Revolution")
(TSX:RV). The revised terms will provide the Company with increased
leverage to the success of Revolution's exploration efforts through
additional equity ownership and a higher cash payment per ounce of
gold or gold equivalent resource established on the land positions
in return for a lower initial expenditure requirement. The original
terms of the Agreement are outlined in a press release issued by
the Company on September 15, 2011.
A summary of the amendments include:
-- Revolution will issue to the Company an additional 7,500,000 common
shares over 4 years during the first option period to maintain the first
option, subject to acceptance of the Toronto Stock Exchange;
-- The expenditures required to be incurred during the first option period
to earn a 60% interest have been reduced to $15 million from $35
million; and
-- The payment required from Revolution in order to exercise the second
option to acquire the remaining 40% of either or both of the Universo
and Montana de Oro land positions is increased to $30 per ounce of gold
or gold equivalent resource in all categories from $20 per ounce.
About Lake Shore Gold
Lake Shore Gold is a gold mining company that is in production
and pursuing rapid growth through the successful exploration,
development and operation of three wholly owned, multi-million
ounce gold complexes in the Timmins Gold Camp. The Company is in
commercial production at both the Timmins West and Bell Creek
mines, with material being delivered for processing to the Bell
Creek Mill. The Company continues to have an active drilling
program aimed at supporting current operations and evaluating
high-priority exploration targets around the Timmins Camp. The
Company's common shares trade on the TSX and NYSE MKT under the
symbol LSG.
FORWARD-LOOKING STATEMENTS
Certain statements in this press release relating to the
Company's expected production levels, production growth,
exploration activities, potential for increasing resources, project
expenditures and business plans are "forward-looking statements" or
"forward-looking information" within the meaning of certain
securities laws, including under the provisions of Canadian
provincial securities laws and under the United States Private
Securities Litigation Reform Act of 1995 and are referred to herein
as "forward-looking statements." The Company does not intend, and
does not assume any obligation, to update these forward-looking
statements. These forward-looking statements represent management's
best judgment based on current facts and assumptions that
management considers reasonable, including that operating and
capital plans will not be disrupted by issues such as mechanical
failure, unavailability of parts, labour disturbances, interruption
in transportation or utilities, or adverse weather conditions, that
there are no material unanticipated variations in budgeted costs,
that contractors will complete projects according to schedule, and
that actual mineralization on properties will be consistent with
models and will not be less than identified mineral reserves. The
Company makes no representation that reasonable business people in
possession of the same information would reach the same
conclusions. Forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. In particular, delays in development or mining and
fluctuations in the price of gold or in currency markets could
prevent the Company from achieving its targets. Readers should not
place undue reliance on forward-looking statements. More
information about risks and uncertainties affecting the Company and
its business is available in the Company's most recent Annual
Information Form and other regulatory filings with the Canadian
Securities Administrators, which are posted on sedar at
www.sedar.com, or the Company's most recent Annual Report on Form
40-F and other regulatory filings with the Securities and Exchange
Commission.
Contacts: Lake Shore Gold Corp. Tony Makuch President & CEO
(416) 703-6298 Lake Shore Gold Corp. Mark Utting Vice President,
Investor Relations (416) 703-6298info@lsgold.com www.lsgold.com
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