Key Gold Holding Acquires Souart Gold Property and Announces Appointment of New President
09 Dicembre 2010 - 9:25PM
Marketwired
Key Gold Holding Inc. (TSX VENTURE: KGH) ("Key Gold") is pleased to
announce the arm's length acquisition of a 100% interest in the
Souart gold property (the "Property") with historical resources
estimated at 110,000 oz Au grading 6.2 g/t. This property
acquisition is another step in implementing the corporation's new
strategic mandate of focusing on copper-gold properties. Completion
of this transaction is subject to the approval of the TSX Venture
Exchange ("TSXV") and all securities issued thereunder will be
subject to a four month hold period.
The Souart Gold Property
The Property consists of 49 claims and is strategically located
in the vicinity of Metanor, Amseco, Bonterra, and Eagle Hill near
Lebelle-sur-Quevillon in the Province of Quebec. The Property is
subject to 1% NSR royalty. It is easily accessible all year by road
with good infrastructures in place.
The Urban-Barry area is the site of renewed interest following
the release of excellent drill results by Eagle Hill Exploration
Corporation ("Eagle Hill") who reported 19.61 g/t Au (cut 3.51 g/t)
Au over 33 m (Eagle Hill release of March 10, 2010). Noront
Resources Ltd. ("Noront") previously reported grades of 800.1 to
1,792.9 g/t Au over 4.8 m (Noront release of December 1, 2006) and
of 27.3 g/t Au over 14.4 meters (Noront release of June 8 2006) and
more recently with Bonterra.
The Urban-Barry greenstone belt also hosts a number of gold
deposits including the Lac Rouleau (Beaufield) to the northeast and
the Barry deposit (Metanor).
A qualified person has not done sufficient work to classify the
historical estimate as current mineral resources, the issuer is not
treating the historical estimate as current mineral resources and
the historical estimate should not be relied upon.
The Transaction
Pursuant to an arm's length purchase agreement made between Key
Gold, Rivercrest Resources Inc. and Glen Eagle Resources Inc. (the
"Agreement"), Key Gold will acquire a 100% interest in the Property
in exchange for cash payments totaling $490,000, the issuance of
5,750,00 common shares of Key Gold and exploration expenditures
totaling $1,750,000 in accordance with the following schedule:
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Dates Cash Payments Share Issuances Work Commitments
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Within 10 Business Days
of the TSXV approval $40,000 1,030,000 -
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Within one year of the
signing date of the
Agreement $150,000 1,220,000 $750,000
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Within two year of the
signing date of the
Agreement $150,000 1,500,000 $1,000,000
--------------------------------------------------------------------------
Within tree year of the
signing date of the
Agreement $150,000 2,000,000 -
--------------------------------------------------------------------------
A finder's fee of 500,000 common shares of Key Gold is payable
to Ansacha Capital Inc. on this transaction.
Closing of the acquisition is subject, amongst other things, to
the completion of satisfactory due diligence on the Property by Key
Gold, including the preparation of a Regulation 43-101 (Quebec)
compliant technical report for the Property, financing and the
approval of the TSXV.
Appointment of New President
Key Gold is also pleased to announce that its Board of Directors
recently appointed Mr. Louis Lessard as president of the
corporation.
Mr. Lessard is President of Centre Financier de la Cite inc., a
private company providing financial support to emerging companies
since 2004. Mr. Lessard was founder and director of various Capital
Pool Companies and acts as directors for various companies. Mr.
Lessard holds a Bachelor Degree in Economics from the Universite
Laval and a certificate in Law.
About Key Gold Holding Inc.
Key Gold Holding Inc. is a mineral exploration company that is
mainly focused on company focused on the acquisition, exploration
and development of gold and copper properties. Gilles Laverdiere,
P.Geo., a qualified person according to the Regulation 43-101
(Quebec) has reviewed and approved the technical content presented
herein.
Shares outstanding: 13,560,434
Forward looking Statement
This document contains certain forward looking statements which
involve known and unknown risks, delays, and uncertainties not
under the corporation's control which may cause actual results,
performance or achievements of the corporation to be materially
different from the results, performance or expectation implied by
these forward looking 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.
Contacts: Key Gold Holding Inc. Louis Lessard President
514-650-4171
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