Golden Goliath Resources Ltd.: Agnico Eagle Agrees to Option/JV Agreement for the Las Bolas/Los Hilos Property
2010年12月7日 - 11:30PM
Marketwired
Golden Goliath Resources Ltd. (TSX VENTURE: GNG)(PINK SHEETS:
GGTH-F) -
Golden Goliath is pleased to announce that it has signed a
letter of Intent and reached mutually acceptable terms for an
option and joint venture agreement with a Mexican subsidiary of
Agnico-Eagle Mines Ltd. ("Agnico") (TSX: AEM)(NYSE: AEM), for the
exploration and development of the Company's Las Bolas and Los
Hilos properties. The final agreement is expected to be signed in
the next month.
Under the terms of the option agreement, Agnico's Mexican
subsidiary has the right to earn a 51% interest in the Las Bolas
and Los Hilos properties by spending $5,000,000 on the properties
over a period of 5 years. The first year's work commitment is a
firm commitment of $500,000 with expenditure requirements
increasing each year thereafter. Upon exercising its option, Agnico
will have the right to earn an additional 20% interest by
completing a feasibility study or by spending an additional
$10,000,000 over another period of 5 years.
The Las Bolas and Los Hilos properties are located within the
Company's extensive Uruachic mining camp and have been the focus of
exploration for the past two years, including the current drill
program which is due to be completed shortly. Las Bolas/Los Hilos
has four known mineralized trends. Three of these host 12 known
vein systems and numerous old workings, including the extensive Las
Bolas Mine, with high grade silver and gold values. The western
area of the property was described in the 43-101 report that the
Company filed in December, 2009. The fourth trend, which hosts the
Los Hilos workings has both bulk tonnage gold and silver potential
as well as high grade vein mineralization which the Company
believes is related to a porphyry system at depth. The southern end
of the 1.5 kilometre long Los Hilos trend lies just a few
kilometres from Fresnillo PLC's new gold and silver discovery,
Orisyvo. The Company's efforts and the encouraging results derived
from these efforts have brought the Las Bola/Los Hilos properties
to this point where we now have a significant partner with the
resources to advance the project to the next level of
development.
"We are extremely pleased with this agreement as it allows for
the exploration and development of Las Bolas and Los Hilos by a
very experienced and respected producer," said Paul Sorbara,
President of Golden Goliath. "This is a major milestone for Golden
Goliath and its shareholders. We are very pleased to be working
alongside Agnico during the exploration and development stage of
the Las Bolas/Los Hilos properties. This also allows our Company to
continue our focus and exploration efforts on other prospective
areas within the Uruachic mining camp."
About Golden Goliath
Golden Goliath Resources Ltd. is a junior exploration company
listed on the TSX Venture Exchange (symbol GNG). The Qualified
Person who has reviewed and approved this release is J. Paul
Sorbara M.Sc., P.Geo. The Company is focused on exploring and
developing the gold and silver potential of an historic mining camp
located in the world famous Sierra Madre Occidental Mountains of
northwestern Mexico. Golden Goliath's Uruachic claims are owned
100% by the Company and are fully paid for with no property option
or purchase payments to make.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this news
release.
Contacts: Golden Goliath Resources Ltd. J. Paul Sorbara, M.Sc.,
P.Geo President & CEO +1(604) 682-2950 jps@goldengoliath.com
www.goldengoliath.com
Golden Goliath Resources (TSXV:GNG)
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