Post by Franko10 ™ on Oct 12, 2004 12:30:07 GMT -5
VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Feb. 27, 1997-- Mr. Dale Hoffman, President of Consolidated Pine Channel Gold Corp. (VSE KPG.) (the "Company") is pleased to report that the Company has entered into an option agreement with Leader Mining International Inc. ("Leader"), of Calgary, whereby Leader may earn up to a 90 percent working interest in the Company's Pistol Lake claims, located in the Northern Mining District, Saskatchewan.
Under the terms of the agreement, Leader may earn an 80 percent working interest in the claims by the issuance of 10,000 shares to the Company, and the expenditure of $1.5 million on exploration of the claims, of which $150,000 must be expended within the first year. Leader may earn an additional 10 percent interest by making a property payment of $10 million to the Company. Leader's 90 percent working interest, when earned, will be subject to a 2 percent net smelter return ("NSR") in favour of the Company, which may be reduced to a 1 percent NSR upon payment to the Company of a further $2 million.
The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of the content of this News Release.