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Post by Franko10 ™ on Apr 27, 2006 17:35:38 GMT -5
Morgain Minerals Inc. Signs Definitive Agreement with Alamos Gold Inc. to Acquire the La Fortuna Property (ccnm)
TORONTO, ONTARIO--(CCNMatthews - April 27, 2006) - Alamos Gold Inc. ("Alamos") (TSX:AGI) and Morgain Minerals Inc. ("Morgain") (TSX VENTURE:MGM) announce that they have entered into a Share Purchase Agreement by which Morgain has agreed to purchase all of the issued and outstanding shares (the "Shares") of two subsidiaries of Alamos, Durango Fern Mines S.A. de C.V. ("Durango"), which owns the La Fortuna Property, and Minas La Fortuna S.A. de C.V. ("Minas La Fortuna"). The La Fortuna Property, located in the State of Durango, Mexico is comprised of two exploitation mineral concessions comprising approximately 606 hectares. The Share Purchase Agreement supersedes and replaces the letter agreement previously entered into between Alamos and Morgain, which was announced in a news release dated November 1, 2005. The companies have also entered into a Information Services Agreement whereby Morgain agrees to pay Alamos a 1% net smelter return on production from the La Fortuna Property.
In consideration for the purchase price of the Shares, Morgain will issue to Alamos 5,000,000 common shares in the capital of Morgain at a deemed price of $0.40 per share. The closing of the transaction is scheduled to take place on April 28, 2006, or such other date as Alamos and Morgain may designate, subject to receipt of all regulatory acceptance.
Alamos is the owner and operator of the Mulatos gold mine, located in Sonora, Mexico and is exploring for gold on its Salamandra group of concessions adjacent to the Mulatos Mine.
Morgain is a junior mining company whose vision is to acquire and develop a portfolio of profitable low-grade gold mines in Mexico. Morgain is currently focused on bringing its Castillo Mine into production through a series of mining and heap leaching tests to determine the best operating methods and machinery.
Safe Harbor Statement under the United States Private Securities Litigation Act of 1995: Statements in this release that are forward-looking are subject to various risks and uncertainties concerning the specific factors identified in Alamos' periodic filings with the Ontario Securities Commission and the U.S. Securities Exchange Commission and Morgain's periodic filings with the Ontario and British Columbia Securities Commission. Such information contained herein represents managements' best judgment as of the date hereof based on information currently available.
FOR FURTHER INFORMATION PLEASE CONTACT:
Alamos Gold Inc.
John A. McCluskey
President and CEO
(416) 368-9932 x 203
or
Alamos Gold Inc.
Victoria Vargas de Szarzynski
Investor Relations
(416) 368-9932 x 201
Email: vvargas@alamosgold.com
Website: www.alamosgold.com
or
Morgain Minerals Inc.
Chester F. Millar
Chairman and President
(604) 643-1727
Website: www.morgainminerals.com
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
TORONTO, ONTARIO--(CCNMatthews - April 27, 2006) - Alamos Gold Inc. ("Alamos") (TSX:AGI) and Morgain Minerals Inc. ("Morgain") (TSX VENTURE:MGM) announce that they have entered into a Share Purchase Agreement by which Morgain has agreed to purchase all of the issued and outstanding shares (the "Shares") of two subsidiaries of Alamos, Durango Fern Mines S.A. de C.V. ("Durango"), which owns the La Fortuna Property, and Minas La Fortuna S.A. de C.V. ("Minas La Fortuna"). The La Fortuna Property, located in the State of Durango, Mexico is comprised of two exploitation mineral concessions comprising approximately 606 hectares. The Share Purchase Agreement supersedes and replaces the letter agreement previously entered into between Alamos and Morgain, which was announced in a news release dated November 1, 2005. The companies have also entered into a Information Services Agreement whereby Morgain agrees to pay Alamos a 1% net smelter return on production from the La Fortuna Property.
In consideration for the purchase price of the Shares, Morgain will issue to Alamos 5,000,000 common shares in the capital of Morgain at a deemed price of $0.40 per share. The closing of the transaction is scheduled to take place on April 28, 2006, or such other date as Alamos and Morgain may designate, subject to receipt of all regulatory acceptance.
Alamos is the owner and operator of the Mulatos gold mine, located in Sonora, Mexico and is exploring for gold on its Salamandra group of concessions adjacent to the Mulatos Mine.
Morgain is a junior mining company whose vision is to acquire and develop a portfolio of profitable low-grade gold mines in Mexico. Morgain is currently focused on bringing its Castillo Mine into production through a series of mining and heap leaching tests to determine the best operating methods and machinery.
Safe Harbor Statement under the United States Private Securities Litigation Act of 1995: Statements in this release that are forward-looking are subject to various risks and uncertainties concerning the specific factors identified in Alamos' periodic filings with the Ontario Securities Commission and the U.S. Securities Exchange Commission and Morgain's periodic filings with the Ontario and British Columbia Securities Commission. Such information contained herein represents managements' best judgment as of the date hereof based on information currently available.
FOR FURTHER INFORMATION PLEASE CONTACT:
Alamos Gold Inc.
John A. McCluskey
President and CEO
(416) 368-9932 x 203
or
Alamos Gold Inc.
Victoria Vargas de Szarzynski
Investor Relations
(416) 368-9932 x 201
Email: vvargas@alamosgold.com
Website: www.alamosgold.com
or
Morgain Minerals Inc.
Chester F. Millar
Chairman and President
(604) 643-1727
Website: www.morgainminerals.com
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
