Owner
Post by Franko10 ™ on Oct 12, 2004 11:14:17 GMT -5
PINE CHANNEL GOLD (VSE: KPG) Dale W. Hoffman, President of Consolidated Pine Channel Gold Corp. (the "Company") is pleased to report that the Company has entered into two property option agreements with respect to properties located in Firstbrook Township, Ontario, within the area of interest of the Consolidated Pine Channel -- JNR Resources diamond exploration joint venture project.
The agreements are with two, unrelated, property owners.
In each of the agreements, which are identical, the Company is granted an option to acquire a 100 percent interest in the respective property, subject to a 2.25 percent net return royalty in favour of the Optionor, in consideration of a property payment of $10,000 payable upon receipt by the Company of Vancouver Stock Exchange acceptance of the transactions.
The option is exercisable upon the Company: (a) issuing 50,000 shares to the Optionor in the event a kimberlite structure is discovered on their property; (b) completing a 5-ton bulk sample within two years of such discovery; (c) issuing a further 100,000 shares if the kimberlite is diamondiferous; and (d) paying the property owner 2.5 times the market value of the land, valued as farm land.
In the event that the option is not exercised within two years of the agreement date, it may be extended by payment to the Optionor of a further $5,000 on each of the second, third, fourth and fifth anniversaries of the date of the agreement. In each case, the Company may reduce the net return royalty to 0.25 percent upon payment to the Optionor of $3,000,000.
The results of a recent airborne mag survey showed that each of the properties contained geophysical signatures similar to those of known kimberlite pipes in the area.
CONSOLIDATED PINE CHANNEL GOLD CORP. Per: Dale W. Hoffman, President -0-
Note to Editors: The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of the content of this News Release.
CONTACT: Consolidated Pine Channel Gold Corp.
Dale W. Hoffman, 604/687-2144 or 604/684-5118
COPYRIGHT 1996 Business Wire
COPYRIGHT 2004 Gale Group
The agreements are with two, unrelated, property owners.
In each of the agreements, which are identical, the Company is granted an option to acquire a 100 percent interest in the respective property, subject to a 2.25 percent net return royalty in favour of the Optionor, in consideration of a property payment of $10,000 payable upon receipt by the Company of Vancouver Stock Exchange acceptance of the transactions.
The option is exercisable upon the Company: (a) issuing 50,000 shares to the Optionor in the event a kimberlite structure is discovered on their property; (b) completing a 5-ton bulk sample within two years of such discovery; (c) issuing a further 100,000 shares if the kimberlite is diamondiferous; and (d) paying the property owner 2.5 times the market value of the land, valued as farm land.
In the event that the option is not exercised within two years of the agreement date, it may be extended by payment to the Optionor of a further $5,000 on each of the second, third, fourth and fifth anniversaries of the date of the agreement. In each case, the Company may reduce the net return royalty to 0.25 percent upon payment to the Optionor of $3,000,000.
The results of a recent airborne mag survey showed that each of the properties contained geophysical signatures similar to those of known kimberlite pipes in the area.
CONSOLIDATED PINE CHANNEL GOLD CORP. Per: Dale W. Hoffman, President -0-
Note to Editors: The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of the content of this News Release.
CONTACT: Consolidated Pine Channel Gold Corp.
Dale W. Hoffman, 604/687-2144 or 604/684-5118
COPYRIGHT 1996 Business Wire
COPYRIGHT 2004 Gale Group
