Gem International Resources Inc.: Acquires 80% Gold Project Adjoining Canaco Resources In Tanzania
2010年9月15日 - 10:08AM
Marketwired
Gem International Resources Inc. (TSX VENTURE: GI) has entered into
an option agreement with Eden Gold Limited (the "Optionor"), to
acquire a 80-per-cent interest in a gold and precious metals
property located in the Handeni region of Tanzania. The property
contains a total area of 227.2 square kilometers and adjoins the
western boundary of Canaco Resources Inc.'s Handeni property.
Canaco has made a major gold discovery, including 23 metres of
19.14 grams per tonne gold in drilling (see Canaco news release in
Stockwatch of July 12, 2010). Canaco's regional exploration has
extended the gold trend to 15 kilometres, discovering new gold
mineralization 5 kilometers west-northwest of the Magambazi Gold
Discovery (see Canaco news release in Stockwatch of September 13,
2010), on their Handeni property in Tanzania. This discovery has
created significant market attention. The Company's immediate plan
is to aggressively explore the project.
According to Eden Gold Limited, "A number of gold prospects are
being exploited on a small scale by artisanal miners on the
property."
Geology
"Recent academic studies (Kabete 2008, age dating) highlight the
area as prospective for traditional (but metamorphosed) Achaean
orogenic gold deposits within the Sukumaland Corridor, the host to
major deposits (i.e. Bulyhulu, Golden Pride, Geita) in the Lake
Victoria Goldfields."(Canoco website). Tanzania is the third
largest gold producer in Africa.
Gem International Resources Acquisition
The consideration for the acquisition are cash payments totaling
US$2,000,000, incurring exploration expenditure of US$4,000,000 on
the property and the issuance of 7,500,000 common shares from
treasury over a three-year period. The Optionor retains a
2-per-cent Net Smelter Return Royalty.
Cash payment schedule:
i) US$75,000 upon the execution of the Option Agreement;
ii) US$425,000 within 5 business days of written approval from
the TSX Venture Exchange;
iii) US$750,000 on or before the second anniversary of Exchange
Approval and
iv) US$750,000 on or before the third anniversary of Exchange
Approval
Exploration expenditures:
i) US$750,000 on or before the first anniversary of Exchange
Approval;
ii) US$1,500,000 on or before the second anniversary of Exchange
Approval and
iii) US$1,750,000 on or before the third anniversary of Exchange
Approval
Shares payment schedule:
i) 2,500,000 shares within 5 business days of Exchange
Approval;
ii) 2,500,000 shares on or before the second anniversary of
Exchange Approval and
iii) 2,500,000 shares on or before the third anniversary of
Exchange Approval.
Private Placement Financing
The Company has entered into private placements for the sale of
up to 7,000,000 units at a price of $0.35 per unit for a total of
$2,450,000. Each unit will consist of 1 common share and 1 share
purchase warrant for the purchase of 1 further common share of the
Company during a 1 year term at the price of $0.55 per share
subject to the following acceleration provision: if the closing
trading price for the common shares of the Company as traded on the
TSX Venture Exchange is equal to or greater than $0.70 per common
share for 10 consecutive trading days (the "Threshold Period"),
then the Subscriber shall have until 4:00 pm (Vancouver, BC Time)
of the 10th calendar day after the Threshold Period to exercise the
share purchase warrants (the "Accelerated Expiry Date"). The share
purchase warrants shall expire on the earlier of the 1st
anniversary of the date of issuance of the Units or the Accelerated
Expiry Date. The Issuer shall not be required to issue a news
release announcing the Accelerated Expiry Date or the occurrence of
the Threshold Period.
These transactions are subject to regulatory approval. The
maximum allowable finder's fee shall be paid in shares and cash
with regard to the value derived from the Agreement and the private
placement financing as per the TSX Venture Exchange's policy
guidelines.
Mike Magrum, P.Eng., a qualified person under National
Instrument 43-101, has approved the technical content of this news
release.
Gem International Resources Inc.
Simon Tam, Director
THIS NEWS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE
SOLICITATION OF AN OFFER TO BUY SECURITIES IN ANY JURISDICTION.
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995: THIS NEWS RELEASE CONTAINS FORWARD LOOKING
STATEMENTS THAT ARE NOT HISTORICAL FACTS AND ARE SUBJECT TO RISKS
AND UNCERTAINTIES WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER
MATERIALLY FROM THOSE SET FORTH IN OR IMPLIED HEREIN.
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: Gem International Resources Inc. Simon Tam Director
(604) 871-9916 (604) 871-9926 (FAX)
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