Strongbow Exploration Inc. (SBW-V)
Strongbow Sells Skoonka Creek Gold Property to Westhaven
Strongbow Exploration Inc. (TSX-V:SBW) ("Strongbow" or the "Company") is pleased to announce the sale of its 65.74% interest in the Skoonka Creek Gold Property to Westhaven Ventures Inc. ("Westhaven"). Strongbow's joint venture partner on the Skoonka Creek Gold Property, Almadex Minerals Ltd. ("Almadex"), has also agreed to sell its 34.26% interest to Westhaven. The Skoonka Creek Gold Property (the "Property'") consists of 2,738 hectares of mineral claims and is located in the prospective Spences Bridge Gold Belt in southern British Columbia, Canada.
Under the terms of the property purchase agreement amongst Strongbow, Almadex and Westhaven, Westhaven will issue a total of 2,000,000 common shares to Strongbow and Almadex, of which 1,300,000 common shares will be allocated to Strongbow and 700,000 common shares will be allocated to Almadex. In addition, Almadex shall retain a 2% net smelter return royalty in the Property.
D. Grenville Thomas, a Director of both Strongbow and Westhaven, did not participate in the negotiation of the business terms of the transaction and he abstained from the approval of the property purchase agreement. The agreement is subject to acceptance by the TSX Venture Exchange.
Mr. Richard Williams, President & CEO of Strongbow stated: "Strongbow is already a shareholder in Westhaven through the previous sale of the Shovelnose Gold Project. The sale of Strongbow's interest in the Skoonka Creek Gold Project will allow the Company to continue to focus its efforts on the South Crofty tin project in the UK, while retaining exposure to future exploration success at Skoonka Creek, Shovelnose, and the Spences Bridge Gold Belt in general, through ownership of a total of 3,500,000 Westhaven common shares (post-closing). With the acquisition of the Skoonka Creek Gold Project, Westhaven will hold a 100% interest in over 33,000 hectares within the prospective Spences Bridge Gold Belt."
For additional information please contact Richard Williams at (604) 638-8005
or by e-mail at rwilliams@strongbowexploration.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Richard D. Williams"
Richard D. Williams, P.Geo
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. |
