Lund Gold Ltd. Announces Option Agreement With Noront Resources Ltd. to Acquire 50% of 13 Claim Blocks in "Ring of Fire"
04 Febbraio 2008 - 11:11PM
Marketwired
VANCOUVER, BRITISH COLUMBIA ("Lund") and Noront Resources Ltd.
(TSX VENTURE: NOT) ("Noront") are pleased to announce that they
have entered into an option agreement pursuant to which Lund has
been granted the option to acquire a 50% legal and beneficial
interest in 13 claim blocks covering a total of 169 units in the
'Ring of Fire', McFauld's Lake, Ontario, near Noront's nickel
copper discovery.
In order to acquire its interest in the property, Lund is
required to:
1. Issue to Noront an aggregate of 400,000 common shares of
Lund, on both parties receiving all required approvals, including
any TSX Venture Exchange approval and Board of Directors approval
of the Option Agreement;
2. Incur aggregate exploration expenditures on the property of
$3,500,000 over a three year period (of which $1,000,000 is firm
for the first year);
3. Make total cash payments to Noront totaling $400,000 within
two years of receiving the above noted approvals of the Option
Agreement (of which $200,000 must be paid in the first year, and
any portion of the aggregate of $400,000 may be satisfied at the
option of Noront, by the issuance to Noront of up to 1,600,000
common shares of Lund at a deemed price of $0.25 per share).
The transaction remains subject to required approvals on both
sides including the approval of the TSX Venture Exchange and Lund's
Board of Directors.
Upon Lund's earning its 50% interest in the property, Lund and
Noront shall form a joint management committee to further develop
the property as a joint venture with Noront continuing to act as
the operator.
To find out more about Lund Gold Ltd. (TSX VENTURE: LGD), visit
our website at www.lundgold.com.
On Behalf of the Board of Directors of LUND GOLD LTD.
Chet Idziszek, President
Cautionary Statement
This document contains "forward-looking statements" within the
meaning of applicable Canadian securities regulations. All
statements other than statements of historical fact herein,
including, without limitation, statements regarding exploration
results and plans, and our other future plans and objectives, are
forward-looking statements that involve various risks and
uncertainties. Such forward-looking statements include, without
limitation, estimates of exploration investment and the scope of
exploration programs. There can be no assurance that such
statements will prove to be accurate, and future events and actual
results could differ materially from those anticipated in such
statements. Important factors that could cause actual results to
differ materially from our expectations are disclosed in the
Company's documents filed from time to time via SEDAR with the
Canadian regulatory agencies to whose policies we are bound.
Forward-looking statements are based on the estimates and opinions
of management on the date the statements are made, and we do not
undertake any obligation to update forward-looking statements
should conditions or our estimates or opinions change.
Forward-looking statements are subject to risks, uncertainties and
other factors, including risks associated with mineral exploration,
price volatility in the mineral commodities we seek, and
operational and political risks.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy and accuracy of this release.
Contacts: Lund Gold Ltd. David Scott Investor Relations (604)
331-8772 (604) 331-8773 (FAX) Email: dscott@mine-tech.com Website:
www.lundgold.com
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