Harmony and Full Metal Announce the Termination of the Lucky Shot Agreement
18 Novembre 2010 - 10:00PM
Marketwired
Harmony Gold Corp. ("Harmony") (TSX VENTURE: H) and Full Metal
Minerals Ltd. (the "Full Metal") (TSX VENTURE: FMM) have agreed to
terminate the Option Agreement made as of November 11, 2009, as
amended on March 2, 2010 and August 16, 2010 (collectively the
"Option Agreement") relating to the Lucky Shot Property located in
Alaska, USA.
Harmony had been granted the option to acquire up to an 80%
interest in and to Full Metal's rights, obligations and benefits
under a Mining Lease entered into among Full Metal and Alaska
Hardrock Inc. ("AHI") under which Full Metal has been granted the
exclusive rights to explore for, develop and mine the Lucky Shot
Property.
Under the terms of the Option Agreement, Harmony was required to
pay option payments and issue shares to Full Metal (of which
2,000,000 shares were issued upon TSX Venture Exchange acceptance
to the Option Agreement) and conduct exploration activities on the
Lucky Shot property.
To date, Harmony has complied with all of its obligations under
the Option Agreement; however, geological complexities as a result
of indeterminate geological results and impediments in securing a
Facilities lease have resulted in Harmony wishing to focus its
efforts on other projects.
Full Metal will return the 2,000,000 Harmony shares issued to
Harmony and will grant to Harmony fifty percent (50%) of all net
proceeds (the "Net Proceeds") derived from the sale of the Lucky
Shot mill and equipment (the "Mill"). Full Metal will make a non
refundable advance of $250,000 on the Net Proceeds on or before
November 30, 2010. Full Metal is under no obligation to sell the
Mill; however, in the event it wishes to keep the Mill, it shall
pay an additional amount of $250,000 to Harmony on or before June
15, 2012.
Mr. Craig Engelsman, President of Harmony, stated: "It is
unfortunate that despite spending funds on development drilling,
mine plan evaluation, environmental studies and the like, the Lucky
Shot Property did not meet our original goals. We can now focus our
activities on the Cariboo gold mine project in Nova Scotia and
other opportunities that we are evaluating."
"Full Metal wishes Harmony the best in their future pursuits and
is currently evaluating its alternatives with respect to the Lucky
Shot Project," stated Michael Williams, President Full Metal
Minerals.
Full Metal is a generative exploration company with multiple
precious and base metal projects in Alaska and the Yukon. Full
Metal and Antofagasta Minerals recently announced a new copper
porphyry discovery at the Pyramid Project (see FMM #21NR). The 2010
drill program covered a 900 meter (east-west) by 750 meters
(north-south) area. Copper mineralization has been traced on
surface, coupled with current and historic drilling over an
approximate 2,000 meter by 1,000 meter area, and is open in all
directions and to depth.
On behalf of the Board of Directors of HARMONY GOLD CORP.
Craig Michael Engelsman, President
On Behalf of the Board of Directors of FULL METAL MINERALS
LTD.
Michael Williams, President and Director
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Contacts: Harmony Gold Corp. Craig Michael Engelsman President
778-835-4186 cengelsman@harmonygoldcorp.com Full Metal Minerals
Ltd. Jeff Sundar Vice President, Investor Relations 604-484-7855
604-484-7155 (FAX) info@fullmetalminerals.com
www.fullmetalminerals.com
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