Gem International Options 100% of Gold Project in Kilindi District, Tanga Region in Tanzania
2011年8月12日 - 6:07AM
Marketwired
Gem International Resources Inc. (TSX VENTURE: GI) has entered into
an option agreement with Mr. Sylvester Byedile and Mr. Paul E.
Millinga (the "Optionor"), to acquire a 100-per-cent interest in a
gold property (The Negero Project), located within the Tanga Region
of Tanzania. The Project comprises Prospecting License PL7119/2011,
contains a total area of 30.69 square kilometers and is located 25
kilometers southwest of Canaco Resources Inc.'s Magambazi Hill
Project.
The consideration for the acquisition is cash payments totaling
CDN$475,000 and exploration expenditure totaling CDN$1,000,000. The
Optionor retains a 2-per-cent Net Smelter Return Royalty of which,
1-per-cent can be purchased for CDN$ 1,000,000.
Cash payment schedule:
i) CDN$175,000 within 5 business days of written approval from the TSX
Venture Exchange;
ii) CDN$150,000 on or before 5 days after the first anniversary of Exchange
Approval; and
iii) CDN$150,000 on or before 5 days after the second anniversary of
Exchange Approval.
Work schedule:
i) CDN$150,000 on or before the first anniversary of Exchange Approval;
ii) a further CDN$350,000 on or before the second anniversary of Exchange
Approval; and
iii) a further CDN$500,000 on or before 5 the third anniversary of Exchange
Approval.
The Negero Project is located within the Neoproterozoic domain
of the Mozambique belt, a potentially overprinted Greenstone -
hosted gold terrane in northeastern Tanzania. The Mozambique belt
is characterized by the occurrence of abundant high pressure -
temperature (P-T) granulite-facies rocks including granulite, mafic
- to ultramafic intrusions, granite gneisses and quartzites.
Small scale gold mining within the Project area has exposed
quartz vein development and prominent potassium feldspar alteration
within wallrocks, which include amphibolite and saprolite. Airborne
geophysical data over the area shows significant structural
development on both a NE-SW and NW-SE trend, similar to that of the
nearby Canaco Resources' Magambazi Hill Project. Grab sampling from
metasedimentary outcrop, near the small scale mining area, returned
assays values of up to 31.9 ppm gold (Au).
The location of the Negero Project within a potentially
overprinted Greenstone Belt, the presence of crustal scale
shearzones and nearby felsic intrusions provides significant
potential for gold discoveries. In addition, the similarity in
geological - and structural setting to that of nearby Canaco
Resources' Magambazi Hill Project, provides additional potential
for gold exploration on the Negero Project.
Nico Scholtz, Pri. Sci. Nat., 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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