WestKam Gold Announces Option to Acquire Additional 17% Interest in Bonaparte Property
23 Gennaio 2013 - 1:00PM
Marketwired Canada
WestKam Gold Corp. (TSX VENTURE:WKG) (the "Company" or "WestKam") is pleased to
announce that it has entered into an Option Agreement to acquire an additional
17% interest on its existing 7 claims of the 75%-owned Bonaparte Gold property
(the "Property"), thereby increasing the Company's ownership position in the
Property to 92%. These seven claims total 2,216-hectares (5,507 acres).
The Bonaparte Property consists of a total of 8 claims, representing
2,461-hectares (6,081 acres) and is located approximately 35 kilometres north of
Kamloops, British Columbia and is accessible by paved and well-maintained gravel
roads.
Under the terms of the Option Agreement, WestKam has the option to acquire its
additional 17% interest by making a $150,000 cash payment to the Optionor on or
prior to the first anniversary of the Closing Date, and to issue to the Optionor
the following:
-- 2,000,000 common shares on or prior to the Closing Date;
-- 2,500,000 common shares on or prior to the first anniversary of the
Closing Date; and
-- 3,000,000 common shares on or prior to the second anniversary of the
Closing Date.
The Company may make a one-time $500,000 lump sum cash payment to the Optionor
in lieu of any remaining shares on or prior to November 1, 2013. The transaction
is subject to TSX Venture Exchange approval
Shares for Debt Settement
The Company also wishes to announce that that it has arranged a debt settlement
with certain creditors. The debt settlement will allow the Company to
restructure approximately $238,845 in outstanding debt through the issuance of
up to 1,592,300 common shares of the Company at a conversion of $0.15 per common
share.
The debt settlement is subject to TSX Venture Exchange approval.
About WestKam Gold Corp.
WestKam Gold Corp. is a Canadian gold exploration company focused on developing
the Bonaparte Gold Project near Kamloops, British Columbia. Additional
information can be found on the Company's website at www.westkamgold.com
ON BEHALF OF THE BOARD OF DIRECTORS
Matt Wayrynen, President
Forward looking statements: This release contains statements that are forward
looking statements and are subject to various risks and uncertainties concerning
the specific factors disclosed under the heading "Risk Factors" and elsewhere in
the Company's periodic filings with Canadian securities regulators. Such
information contained herein represents management's best judgment as of the
date hereof based on information currently available. The Company does not
assume the obligation to update any forward looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
WestKam Gold Corp.
John Ulmer
Investor Relations
778.994.6453
WestKam Gold Corp.
Suite 900, 570 Granville Street
Vancouver, BC V6C 3P1
www.westkamgold.com
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