Savary Gold (SCA-V) Nov 3rd 2014 has issued 13,338,729 common shares to Endeavour Mining Corporation to be held in escrow in connection with the option agreement for the Houndé South gold project located in south-west Burkina Faso. The option and earn-in agreement among the parties called for Savary to incur US$3 million in exploration expenditures and issue common shares of Savary representing 19.99% of the issued and outstanding shares to Endeavour.
The parties have entered into a declaration of trust whereby Endeavour will hold the Houndé South concessions in trust for the benefit of Savary until such time as the concessions are formally transferred by the authorities in Burkina Faso. The 13,338,729 shares of Savary will be held in escrow pending the official transfer of the Houndé South concessions and will then be released from escrow in accordance with surplus escrow terms as mandated by the TSX Venture Exchange.
Don Dudek, Savary's President and CEO commented: "By completing the escrow agreement and declaration of trust with Endeavour, Savary has fulfilled its obligations to Endeavour as per the Houndé South Earn-In option agreement while the government of Burkina Faso completes the transfer and concession renewal process. Now we are able to advance our work program for the Houndé South and Serakoro 1 concessions with Sarama Resources Ltd. and embark on other value-building initiatives."
About Savary Gold
Savary Gold is a Canadian exploration company focused on exploring the Houndé South Gold Property in Burkina Faso. The property is in the Birimian age Houndé Greenstone Belt, which hosts Semafo's Mana mine and additional gold deposits that are presently subject to extensive exploration efforts (including Endeavour Mining's Houndé Project, Roxgold's Yaramoko Project and Sarama's South Houndé Project, which is adjacent to Savary Gold's property). For additional information please visit our website at www.savarygold.com and follow us on Facebook, Linked-In and Twitter: @SavaryGold.
Don Dudek, P.Geo., President and CEO of the Company and a "Qualified Person" under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.
SAVARY GOLD CORP.
On behalf of the Board
Don Dudek
President & Chief Executive Officer |
