StrataGold amends Tassawini agreement
Fri Mar 27, 4:48 PM
ca.news.finance.yahoo.com
VANCOUVER, March 27 /CNW/ - StrataGold Corporation (SGV-TSX) ("StrataGold" or the "Company") announces that the Company has amended the Tassawini Agreement dated June 10, 2004 to extend the date of delivery of a 'Feasibility Study' to June 8, 2012 in exchange for monthly payments of US$6,000.
Upon exercise of the Tassawini Option on June 8, 2007, the Company was required under the Tassawini Agreement to make all reasonable efforts, consistent with technically-and-economically prudent industry practices, to complete a 'Feasibility Study' on the property within 18 months. A subsequent amendment extended the delivery date of the 'Feasibility Study' to 24 months. A further amendment was signed on March 26, 2009 to extend the delivery of the 'Feasibility Study' from 24 months to 60 months.
About Tassawini
In June 2008, StrataGold released a National Instrument (NI) 43-101 Mineral Resource completed by SRK Consulting (Canada) Inc. SRK recommended the completion of an internal desktop scoping study to determine if support for a Preliminary Economic Assessment is warranted.
Tassawini and Sonne Deposits Resource Calculation*
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Deposit Category of Tonnes Gold Grade Gold
Mineral Resource (g/t) (ounces)
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Tassawini Indicated 10,766,000 1.3 436,600
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Tassawini Inferred 614,000 1.7 32,500
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Sonne Indicated - - -
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Sonne Inferred 1,312,000 0.7 29,000
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* Using 0.5 g/t gold cut off (see news release dated June 10, 2008).
* The qualified person (as described under NI 43-101) responsible for
the resource estimate is G. David Keller, P.Geo. (APGO No. 1235), an
independent Qualified Person, SRK Consulting (Canada) Inc.
Terry Tucker, P.Geo., StrataGold's President and CEO, has reviewed the technical content of this press release.
About StrataGold Corporation
StrataGold is a TSX Exchange listed mineral exploration company. StrataGold's main projects are the Eagle Zone Deposit and the Mar-Tungsten Deposit located in central Yukon, and the Tassawini Deposit and the BRL Venture located in Guyana. On February 11, 2009, StrataGold and Victoria Gold Corp. and their respective boards of directors announced an approved letter of agreement in respect of a proposed friendly transaction to combine the companies through an all share transaction.
Statement Regarding Forward Looking Statements
This news release of StrataGold Corporation (the "Company") contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "aims," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Information inferred from the interpretation of drilling results and information concerning mineral resource estimates may also be deemed to be forward looking statements, as such information constitutes a prediction of what might be found to be present when and if a project is actually developed. Forward-looking statements in this document include statements regarding: the Company's expectations regarding drilling and exploration activities on properties in which the Company has an interest and the Company's estimates of resources on properties in which the Company has an interest. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of their respective dates. Important factors that could cause actual results to differ materially from the Company's expectations include among others, risks related to fluctuations in mineral prices; uncertainties related to raising sufficient financing to fund planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; uncertainties involved in the estimation of resources; the possibility that required permits may not be obtained on a timely manner or at all; the possibility that capital and operating costs may be higher than currently estimated and may preclude commercial development or render operations uneconomic; the possibility that the estimated recovery rates may not be achieved; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in work programs; the risk of environmental contamination or damage resulting from the Company's operations; risks associated with title to mineral properties; and other risks and uncertainties discussed under the heading "Risk Factors" in Section 5 of the Company's Annual Information Form filed on SEDAR and elsewhere in the Company's documents filed from time to time with the Toronto Stock Exchange and Canadian securities regulators. These statements are based on a number of assumptions, including assumptions regarding general market conditions, the availability of financing for proposed transactions and programs on reasonable terms, and the ability of outside service providers to deliver services in a satisfactory and timely manner. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as expressly required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
This news release uses the terms "Inferred Resource", "Indicated Resource" and "Mineral Resource". The Company advises readers that although these terms are recognized and required by Canadian securities regulations (under National Instrument 43-101 "Standards of Disclosure for Mineral Projects"), the US Securities and Exchange Commission does not recognize these terms. Readers are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. In addition, "Inferred Resources" have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that any part of an Indicated or Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, or economic studies except for a Preliminary Assessment as defined and permitted under National Instrument 43-101. Readers are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable. The Mineral Resources stated in this news release are not mineral reserves and, in the absence of a current feasibility study, do not demonstrate economic viability. The determination of mineral reserves can be affected by various factors including environmental, permitting, legal, title, taxation, socio-political, and marketing issues.
Contacts
Terry Tucker
President and CEO
Vanessa Pickering
Manager
Investor Communications
StrataGold Corporation
Tel: (604) 696-6601
E-mail: info@stratagold.com
Website: www.stratagold.com |
