Crescent Resources Signs Definitive Agreement to Acquire Rattlesnake Hills Gold Properties, Wyoming
Monday October 5, 8:30 am ET
ca.us.biz.yahoo.com
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 10/05/09) - Crescent Resources Corp. (TSX-V:CRC - News) ("Crescent") is pleased to announce that it has executed the definitive acquisition agreement with John Glasscock and his company Cowboy Exploration & Development LLC to acquire up to a 100% interest in certain mineral claims covering approximately 4,000 acres located in the Rattlesnake Hills area, Natrona County, Wyoming, USA (the "Properties"). The Properties are adjacent to and within approximately 5 kilometres of Evolving Gold's Rattlesnake Hills property where recent drilling results suggest the possibility of a new large gold deposit.
Subject to receipt of regulatory approval, the acquisition and a concurrent private placement of $500,000 will close and Crescent will have the option to acquire an initial 80% interest in the Properties by completing the following:
- Crescent will immediately pay the owners US$85,000 as reimbursement of previously paid property costs;
- Crescent will issue to the owners a total of 5,000,000 Crescent shares; half of which to be issued on regulatory approval and the remaining 2,500,000 shares on the 18 month anniversary of the definitive acquisition agreement;
- Crescent can purchase the remaining 20% of the Properties from the owners at a price based on the value established by a bankable feasibility study completed by a third-party engineering company; and
- The owners will retain a 2% net smelter royalty on the Properties. This royalty can be reduced to 1% by Crescent paying the owners US$1,000,000.
The Rattlesnake Hills gold mineralization appears to be geologically similar to other volcanic hosted alkalic gold systems such as Cripple Creek Gold District in Colorado where over 25 million ounces have been mined to date as well as Zortman-Landusky, Montana and Ortiz, New Mexico which in the past supported large-scale open-pit gold mines. In all these deposits gold mineralization is associated with Tertiary-age phonolite intrusives and associated diatreme breccias.
Crescent is a junior exploration company currently focused on exploring and developing the Rattlesnake Hills North Project in Wyoming. The Company is managed by an experienced team with several discoveries attributable to the group. Crescent trades on the TSX.V - symbol: CRC.
CRESCENT RESOURCES CORP.
Michael Hopley, President and Chief Executive Officer
"Neither the 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."
Contact:
Contacts:
Crescent Resources Corp.
Don Halliday
Executive Vice President
604-899-1505 (direct)
info@crescentresourcescorp.com
Crescent Resources Corp.
Greg Davis
VP Business Development
604-688-1263 (direct)
greg@crescentresourcescorp.com
www.crescentresourcescorp.com
Source: Crescent Resources Corp. |
