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Message 17565238
National Gold Corp - News Release
Alamos, National Gold get thumbs-up for Salamandra deal
National Gold Corp NGT
Shares issued 12,903,815 Jun 5 2002 close $.540
Thursday Jun 6 2002 News Release
Mr. Chester Millar of Alamos reports
ALAMOS - NATIONAL SIGN JOINT VENTURE AGREEMENT
Alamos Minerals and National Gold Corporation have received exchange and vendor approval of the joint venture option agreement concluded on April 1, 2002, whereby Alamos Minerals may earn a 50-per-cent interest in the Salamandra gold camp.
National Gold owns the Salamandra gold camp with its 2.94-million-ounce measured and indicated Mulatos gold resource as the result of an asset purchase agreement with Tenedoramex, S.A. de C.V. and Accessions Mining (as reported by National Gold in Stockwatch Sept. 10, 2001). The property, which hosts seven large gold-bearing epithermal systems, is located in the state of Sonora, Mexico, 220 kilometres east of Hermosillo.
Subsequently National optioned half of the Salamandra property to Alamos Minerals (as reported in Stockwatch April 1, 2002). To earn its 50-per-cent interest, Alamos Minerals, the operator, will be responsible for:
expending a total of $2,375,000 (Canadian) on exploration, development, metallurgical test leaching and property costs during the term of the earn-in, of which approximately $1-million (Canadian). This will be accomplished through a bulk leach test of sufficient size to confirm metallurgical recoveries and leaching characteristics. Thereafter Alamos assumes 50 per cent of all additional expenditures;
assuming 50 per cent of the $10.25-million (Canadian) of vendor obligations due under the asset purchase agroement for the Salamandra property (see National Gold's news as reported in Stockwatch Sept. 10, 2001); and
paying National Gold $2-million (Canadian) within 48 months of Alamos becoming the registered operator in Mexico. Should control of Alamos change within 24 months of it becoming the registered operator, operatorship of the project will revert to National Gold.
The joint venture partners contemplate a staged mining operation, starting with production from the higher-grade Estrella zone. Final pit design and pad engineering is under way for a test leach. Permitting will be completed as soon as registration of Alamos as the registered operator in Mexico is concluded. Once permitting is completed stripping and mining for the test leach will commence.
(c) Copyright 2002 Canjex Publishing Ltd. canada-stockwatch.com
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