PGS Paget Minerals Corp.

Paget Minerals Corp. (TSX VENTURE:PGS) ("Paget" or the "Company") and Blue Gold
Mining Inc. (TSX VENTURE:BGX) ("Blue Gold") are pleased to announce that they
have entered into a non-binding letter of intent whereby Blue Gold has the
option to earn up to a 65% interest in three porphyry targets (collectively
referred to as "the Project") within Paget's 100%-owned Ball Creek Project
located in British Columbia's Golden Triangle region. The Project includes the
Rainbow gold porphyry target, the Main gold-copper porphyry target, and the
Cliff copper-gold porphyry target, of which Rainbow and Main have had some
preliminary drilling by Paget.


David F. Volkert, President and CEO of Paget, stated, "We are pleased to be
working with the Blue Gold group and their strong management team, led by Mark
O'Dea. Our complimentary skill set combines both extensive technical and
corporate experience, with many high profile exploration successes. This
transaction will bring significant funds to aggressively explore the three
gold-rich porphyry targets at Ball Creek and Blue Gold's concurrent investment
in Paget demonstrates their support for our team and prospective project
portfolio. We will retain 100% ownership of the 379 square kilometers of
adjacent Ball Creek Project claims containing two copper-gold porphyry and four
epithermal gold-silver earlier stage targets."


THE PROJECT

The total Project area covers approximately 145 square kilometers located in the
Golden Triangle, northwestern British Columbia. The Project is well situated
only eight kilometres west of Highway 37 and an airstrip (Burrage) and 38
kilometres from the new Northwest Transmission Line transfer station at Bob
Quinn (due for completion 2014). The Golden Triangle region is known to host
several world class gold and copper-gold deposits and the prospective Ball Creek
Project area includes multiple gold, gold-copper and copper-gold porphyry and
epithermal gold targets (click here for Paget Mineral Claims at Ball Creek:
http://www.pagetminerals.com/i/maps/BallCreek/Mineral-Claims-Ball-15EC9F.jpg).


Main Target

The Main Target is a gold-copper porphyry located in the southeast of the Ball
Creek Project. Limited, relatively shallow drilling was completed in 2011 by
Paget, with initial results returning 0.35 grams per tonne gold and 0.14% copper
over 180 metres in hole BC-11-03. Historical drill results include 0.75 g/t gold
and 0.22% copper over 192 metres in hole 74-3 and 0.58 g/t gold over 163 metres
in hole 74-2. Porphyry mineralization has been mapped and drilled over an area
of 1,250 x 400 metres, and remains open in all directions.


Rainbow Target

The Rainbow Target is a gold porphyry located four kilometres from the Main
Target with mineralization hosted in sheeted and banded copper-gold-quartz
veinlets. The banded veins, high gold-to-copper ratio, and lack of alteration
selvages closely resemble the mineralization style of porphyry gold deposits in
the Maricunga belt in Chile. In 2011, Paget drilled the first-ever holes on the
target, returning 0.76 g/t gold over 91 metres, including 1.13 g/t gold over 22
metres, starting from surface in hole RN-11-01.


Cliff Target

The Cliff Target is a copper-gold porphyry measuring two square kilometres. It
lies south of the Main Target, separated by 600 metres of propylitic alteration
and gossanous outcrops, indicating that the two porphyries may be connected.
Stockwork veining is coincident with a magnetic low measuring 1,700 x 400
metres, with assays up to 0.74% copper and 0.15 g/t gold. Bedrock chip sampling
of a continuously-mineralized, 270 metre section, averaged 0.2% copper (sampling
in 1971) (click here for JV Area Map of Ball Creek:
http://www.pagetminerals.com/i/maps/ballcreek/Ball-Creek-JV-Project-Area.jpg).


TERMS OF THE AGREEMENT

Pursuant to the transaction, Blue Gold will:



--  Receive an exclusive right to earn a 51% undivided interest in the
    Project by spending $6M over two years; $2-million, on a firm commitment
    basis, by the first anniversary of the closing date, and $4-million in
    optional expenditures by the second anniversary of the closing date; 

--  Receive an exclusive right, at Blue Gold's election, to earn a further
    14% for an aggregate undivided interest in the Project of 65% by
    incurring an additional $12-million in the three year period following
    the 51% earn-in date; 

--  Receive a right of first offer for any direct or indirect sale,
    transfer, option, joint venture or other transaction on any of the
    claims outside the project area that form part of Paget Mineral's Ball
    Creek Project, and; 

--  Acquire 9.9%, on a partially diluted basis, of Paget's outstanding
    shares on a private placement basis in units at a price of $0.16 per
    unit (a "Unit"). Each Unit shall be comprised of one common share and
    one half of one common share purchase warrant (each whole warrant, a
    "Warrant"). Each Warrant shall be exercisable into one common share of
    Paget at an exercise price of $0.30 for a period of 2 years following
    the closing of the transaction. 



The closing of the transaction is conditional upon satisfactory completion of
due diligence by Blue Gold, receipt of all necessary regulatory approvals and
the entering into of a definitive agreement. There is no certainty a transaction
will be completed.


About Paget Minerals Corp.

Paget Minerals Corporation is a publicly traded resource company focused on
mineral exploration and the advancement of the company's priority Ball Creek
Project in British Columbia. The company hosts a 52,442-hectare, contiguous
mineral tenure package in the Golden Triangle - Iskut Mineral District located
just 8km west of Highway 37 and only 36km northwest of the new Northwest
Transmission Line Substation at Bob Quinn and neighbors three major mine
development projects in the Golden Triangle -- Galore Creek, Schaft Creek and
Red Chris. In 2012, Paget will focus its BC exploration program on the Ball
Creek Project, as well as advancing its exploration in Mexico. Paget also
maintains its equity position in Trident Gold Corp. exploring for gold in
Colombia. David Volkert, President and CEO, serves as the Qualified Person under
the definitions of NI 43-101.


On Behalf of the Board of Paget Minerals Corp.,

David F. Volkert, President & CEO

Paget Minerals Corp. (TSXV:PGS)
過去 株価チャート
から 5 2024 まで 6 2024

Paget Minerals Corp. (TSXV:PGS)
過去 株価チャート
から 6 2023 まで 6 2024