Radius Assigns Nueva California Property to Focus Ventures
Thu May 21, 3:23 PM
ca.news.finance.yahoo.com
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 21, 2009) - Simon Ridgway, President of Radius Gold Inc. (TSX VENTURE: RDU.V)(OTCBB: RDUFF.OB), is pleased to announce that Focus Ventures Ltd. ("Focus") has completed its due diligence on the Nueva California Property located in north-central Peru, and is proceeding with its agreement to acquire Radius's option (the "Option") to earn a 100% interest in the Property (see Radius news release of March 18, 2009).
Recent sampling conducted by Focus returned a high grade intercept of 22 g/t Au + 119 g/t Ag over 5m within highly brecciated and silicified shales from a newly accessible mine heading in Level 3390 (see Focus news release dated May 21, 2009).
In consideration for Radius assigning the Option to Focus, Focus has agreed to issue to Radius 1,000,000 common shares in the capital of Focus, pay to Radius $50,000 cash, and grant to Radius a 1.5% net smelter return royalty on the Property.
Radius and Focus have common directors and officers, and the assignment of the Option is subject to TSX Venture Exchange approval.
Assay Protocol & Qualified Person
The scientific and technical information in this release was prepared by Focus under the supervision of its President, Mr. David Cass. Mr. Cass is also Radius's Vice-President of Exploration, and is a member of the Association of Professional Engineers and Geoscientists of British Columbia, and a "Qualified Person" in accordance with National Instrument 43-101.
About Radius
Radius Gold is in the business of discovering and developing gold deposits, and holds a portfolio of advanced exploration properties in Nicaragua, Guatemala and Peru. In June 2008 the Company signed a production agreement with Kappes Cassiday & Associates to develop Radius's Tambor Mine in Guatemala. When Tambor is in production, Radius will receive 49% of cash flows generated by the Mine. The Company's strategy is to build value for shareholders by the acquisition and development of advanced stage properties.
ON BEHALF OF THE BOARD
Simon Ridgway, President
Shares Issued: 53.5-million
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Contacts
Ralph Rushton
Radius Gold Inc.
Investor Relations
604-801-5432 or Toll Free: 1-888-627-9378
Erin Ostrom
Radius Gold Inc.
Investor Relations
604-801-5432 or Toll Free: 1-888-627-9378
604-662-8829 (FAX)
info@radiusgold.com
www.radiusgold.com |
