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Message: Gullewa Gold Project Payments Amended
| January 22, 2009 |
| ATW Gold Corp: Gullewa Gold Project Payments Amended |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 22, 2009) - ATW Gold Corp, (TSX VENTURE:ATW)(FRANKFURT:A3N), ("ATW" or the "Company"), is pleased to report that the Company and its subsidiary, ATW Gold Corp Australia Pty Ltd. (collectively, "ATW") have entered into a deed of variation (the "Amending Agreement") with Batavia Mining Limited and South Murchison Mines Pty Ltd. (collectively, "Batavia") to amend ATW's payments on the acquisition of the Gullewa Gold Project. The original purchase agreement (the "Agreement") entered into by ATW and Batavia on April 18, 2008 called for ATW to make a number of payments, including AUD$3,000,000 on July 31, 2009 and AUD$3,000,000 on July 31, 2010. The Amending Agreement calls for ATW: 1. In lieu of paying AUD$3,000,000 on July 31, 2009, to pay AUD$1,500,000 on July 31, 2009 and AUD$1,500,000 on Jan. 31, 2010 (together with 8% interest on the AUD$1,500,000 paid on Jan. 31, 2010); and 2. In lieu of paying AUD$3,000,000 on July 31, 2010, to pay AUD$1,500,000 on July 31, 2010 and AUD$1,500,000 on Jan. 31, 2010 (together with 8% on the AUD$1,500,000 paid on Jan. 31, 2010. In all other material ways, the Agreement remains in place and of full force and effect. Brent Butler, CEO & President commented, "Amending the payment terms with Batavia will allow us to better manage our cash flow as we look to advance both Burnakura and Gullewa in 2009. Production at Burnakura is scheduled to commence on March 1, 2009 and we are greatly encouraged by the recent appreciation in the Australian price of gold to over $1,300 oz AUD." ATW GOLD CORP. Brent Butler, President & CEO |
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