Canadian Mining Completes Option and Joint Venture Agreement on Bullard Pass Gold Project to Focus on Development of Zeolite Pr
July 05 2012 - 12:30PM
PR Newswire (Canada)
Symbol: CNG - TSX.V VANCOUVER, July 5, 2012 /CNW/ - Further
to Canadian Mining's news release dated May 7, 2012, President and
CEO, Ray Paquette is pleased to announce that the Company has
finalized and entered into an Option and Joint Venture Agreement
(the "Agreement") with Aureus Resources Inc. ("Aureus") on the
Company's Bullard Pass Gold Project ("Bullard Pass"). The NI
43-101 compliant Bullard Pass Gold Project represents a project of
merit for Aureus. The Agreement provides that Aureus Resources can
acquire an undivided 60% interest in the Bullard Pass Gold Project
by issuing Canadian Mining an aggregate of 2,400,000 common shares
in its capital stock and incurring a total of $1,250,000 in
exploration expenditures on the Bullard Pass Gold Project.
Thereafter Aureus may elect to form a 60/40 joint venture with
Canadian Mining to further explore and develop the Bullard Pass, or
purchase Canadian Mining's remaining 40% interest by the payment of
US $750,000. Upon Aureus Resources having earned a 100% undivided
interest in the Bullard Pass Gold Project, Aureus will be subject
to a 2% Net Smelter Royalty (NSR) due to Canadian Mining. The
NSR may be purchased by Aureus in 1% increments for the amount of
US $1,000,000 per each 1% increment. Aureus has also agreed to pay
the 2012 Bureau of Land Management maintenance fees and assume all
land payments to the Bureau of Land Management through to the joint
venture. The Bullard Pass property is in the vicinity of the
Harcuvar and Harquahala Mountains in Arizona. In 1992, the
Arizona Geological Survey Open-File Report 92-1 stated, "the
mineralogic and structural similarities of the Bullard Pass and
Copperstone districts suggests that potential exists for a major
gold deposit in the area of the Bullard district." President and
CEO, Ray Paquette, stated; "we are pleased to have completed the
Agreement and are looking forward to working with Ian Lambert and
the management team at Aureus. Their experience in exploring
and developing precious metals properties provides Canadian Mining
confidence in their abilities to realize the full potential of the
Bullard property. This Agreement will enable Canadian Mining
to free up capital and focus our full attention on the further
development of the Sun Group Zeolite Project in British Columbia
which is presently garnering worldwide attention." On behalf of the
Board
Ray Paquette CEO 604.684.3301 Zachary Puznak Investor
Relations 604.813.2087 Please see our web site for additional
details: www.canadianmining.ca Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. Canadian Mining Company
Inc. CONTACT: Ray Paquette CEO 604.684.3301Zachary Puznak Investor
Relations604.813.2087
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