Redhill Acquires an Additional Prospecting License Within Tembo's Claim Block
January 25 2012 - 6:00AM
Marketwired Canada
Redhill Resources Corp. (TSX VENTURE:RHR) ("Redhill" or the "Company") is
pleased to announce that it has entered into an Agreement (the "Agreement") with
Thamani Mines Ltd. allowing Redhill to acquire a 100% interest in a prospecting
license adjoining the Nyakagwe property located in Tanzania, East Africa. This
additional land adds 100 hectares to the project, bringing the total number of
hectares to approximately 500.
The Nyakagwe property is strategically located on the Bulyanhulu regional trend
within six kilometres (km) of Barrick Gold's 12 million-ounce Bulyanhulu gold
mine. The property consists of forty-six Primary Mining licenses (PMLs) and one
prospecting license (PL) that is contiguous to the Company's present land
holdings. The Nyakagwe PMLs and PLs are surrounded entirely by prospecting
licenses and applications for prospecting licenses owned and presently being
explored by Tembo Gold Corp.
The Company is fully funded and is planning an extensive exploration program on
for 2012. The program will include mapping, sampling, trenching and induced
polarization (IP), with the intention of defining drill targets for the upcoming
exploration season.
In order to acquire the 100% interest in the additional prospecting license, the
Company has agreed to make the following cash payments, share issuances and
exploration expenditures in the table below:
----------------------------------------------------------------------------
Exploration
Cash Payments Expenditures
Completion Date Cdn$ Share Issuance Cdn$
----------------------------------------------------------------------------
On Signing this $25,000 100,000 within 5 business --
Agreement days from the date the TSX
Venture Exchange approves
the terms of this Agreement
----------------------------------------------------------------------------
First Anniversary date $50,000 200,000 $50,000
of this Agreement
----------------------------------------------------------------------------
Second Anniversary $75,000 300,000 $100,000
date of this
Agreement
----------------------------------------------------------------------------
Third Anniversary of $100,000 400,000 $150,000
this Agreement
----------------------------------------------------------------------------
TOTAL $250,000 1,000,000 $300,000
----------------------------------------------------------------------------
A finder's fee of the maximum allowed under the policies of the TSX Venture
Exchange will be paid in cash in connection with the acquisition.
This news release has been approved by Brent Butler, a Qualified Person as that
term is defined in NI 43-101.
REDHILL RESOURCES CORP.
Clive Massey, President & CEO
"This news release may contain forward-looking statements. Forward-looking
statements address future events and conditions and therefore involve inherent
risks and uncertainties. Actual results may differ materially from those
currently anticipated in such statements."
Redhill Resources Corp. (TSXV:RHR)
Historical Stock Chart
From May 2024 to Jun 2024
Redhill Resources Corp. (TSXV:RHR)
Historical Stock Chart
From Jun 2023 to Jun 2024
Real-Time news about (TSX Venture Exchange): 0 recent articles
More Redhill Resources Corp. News Articles