Souce: GoldAlert.Com San Gold (SGR.TSX) announced that it has entered into an option agreement with Cougar Minerals (COU.TSXV) to acquire an 80% interest in 18 mineral claims comprising approximately 2,800 hectares near Bissett, Canada. The properties are located adjacent to San Gold’s properties to the east and south of the SG#1 deposit. Highlights: * Under the terms of the transaction, San Gold is obligated to spend C$200,000 in the first year of the option agreement, C$300,000 by the end of the second year, C$400,000 by the end of the third year, and C$600,000 by the end of the fourth year * San Gold is also required to subscribe for a private placement of C$200,000 units of Cougar Minerals immediately following execution of the option agreement and an additional C$200,000 on or before each of the first, second, and third anniversaries of the option agreement George Pirie, President and CEO: “San Gold continues to be one of the most exciting gold mining and exploration companies in Canada with huge gold potential. We expect production to increase and cash costs per ounce of gold to decrease substantially throughout the balance of 2011.” |
15.6.11
San Gold Signs Option Agreement with Cougar Minerals
