Infinito Gold Ltd. Closes Agreement to Sell Guyanese Assets
2011年2月24日 - 6:21AM
PR Newswire (Canada)
CALGARY, Feb. 23 /CNW/ -- Trading Symbol: TSX-V: IG CALGARY, Feb.
23 /CNW/ - Infinito Gold Ltd. (the "Company" or "Infinito") and
Guyana Frontier Mining Corp. (formerly Shoreham Resources Ltd.)
("Purchaser") have closed the definitive purchase and sale
agreement (the "Agreement") pursuant to the definitive purchase and
sale agreement executed on December 22, 2010, and disclosed in the
Company's news release dated December 22, 2010. Under the terms of
the Agreement the Purchaser has acquired 100% of the issued and
outstanding common shares of Infinito's subsidiaries in Guyana and
Aruba which hold the Marudi Mountain and Paint Mountain, and Potaro
mineral concessions. Total consideration is US$500,000
in cash and the issuance of 1,600,000 common shares of the
Purchaser to the Company. On August 17, 2010, the Purchaser paid
US$100,000 to the Company (the "Deposit Payment"), and upon closing
the Purchaser has paid to the Company the US$400,000 balance and
issued 1,600,000 shares. The Company has been granted a 2%
Net Smelter Returns ("NSR") royalty on all future mineral
production from the Marudi Mountain Project to a maximum of
US$3,000,000. The Company has also received from the
Purchaser a 2% NSR royalty for all future mineral production from
the Potaro Project, to a maximum of US$2,000,000. Under the terms
of the Agreement Infinito has transferred to the Purchaser a 100%
right, title and interest in and to the holding companies, free and
clear of all encumbrances (except permitted encumbrances) and the
interests of others. Furthermore, Infinito will retain no interest
in or liability, including reclamation liability, associated with
the holding companies other than the NSR royalties. Caution
Regarding Forward-Looking Information and Statements Certain
statements in this press release address future events and
conditions and, as such, involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the statements. These factors include, among others, the
risks associated with commencing and continuing production at
either the Marudi Mountain or Potaro Projects. The Company
undertakes no obligation to update these forward-looking
information or statements if circumstances or management's
estimates or opinions should change. The reader is cautioned not to
place undue reliance on forward-looking information or statements.
INFINITO GOLD LTD. John Morgan President and CEO "Neither the 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 and accuracy of this release." To
view this news release in HTML formatting, please use the following
URL:
http://www.newswire.ca/en/releases/archive/February2011/23/c5439.html
p align="center"bINFINITO GOLD LTD./bbr/ b600, 1100
1/bbsupst/sup/bbStreet S.E./bbr/ bCalgary, Alberta T2G 1B1/bbr/
bTelephone: (403) 444-5191/b/p
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