Empire Capital agreement for 30 Newfoundland claims Message Board

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Gold/Mining/Energy : Empire Capital agreement for 30 Newfoundland claims

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Nov 3 4:00 PM EST

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From: bcjt	12/30/2010 9:51:43 AM
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Empire Capital to acquire Wings Point project 2010-12-14 08:11 MT - News Release Mr. Terry Christopher reports EMPIRE CAPITAL CORP. ACQUIRES PROJECT Empire Capital Corp. has entered into an option agreement to purchase a 100-per-cent interest in Newfoundland exploration licence 016270M which consists of 30 mineral exploration claims covering 750 hectares in the Wings Point area of Newfoundland and Labrador. The corporation also staked an additional 389 claims pursuant to Newfoundland exploration licences 018291M, 018292M and 018293M, which cover 9,725 hectares in surrounding and contiguous areas, for a total staked area of 10,475 hectares. The project is referred to as the Wings Point project. The option agreement was entered into between Empire and Donald LeDrew and Derrick Fancey. The option agreement grants the corporation the option to purchase a 100-per-cent interest in the optioned licence by making payments of $180,000 and 400,000 common shares to the optionors over four years. The claims are subject to a 3-per-cent net smelter royalty, two-thirds of which can be bought back by the corporation for $2-million. If Empire is able to identify one million ounces of gold on the optioned licence and the Empire licences in the measured and indicated categories of an NI 43-101 an additional 150,000 shares will be issued and if Empire is able to identify two million ounces of gold on the optioned licence and the Empire licences in the measured and indicated categories of an NI 43-101 an additional 200,000 shares will be issued. A finder's fee is payable for the transaction in accordance with Policy 5.1 of the TSX Venture Exchange. This transaction is subject to acceptance by the TSX Venture Exchange. Empire is presently sampling and prospecting the property and an update on the project will be issued once the assays are in hand. We seek Safe Harbor.

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