May 19 - Cougar Options More Claims Near San Gold
posted on
Aug 13, 2009 11:16AM
Cougar Minerals Corp. is an exploration company engaged in the acquisition and exploration of natural resource properties in Alberta, Saskatchewan and Manitoba.
http://www.cnq.ca/Storage/1212/108968_News_Release_-_May_19,_2009.pdf
COUGAR MINERALS CORP
410 – 890 West Pender St.
Vancouver, BC
V6C 1J9
Tel: (604) 685-6989 Fax: (604) 687-1327
Cougar Options More Claims Near San Gold
May 19, 2009 – Cougar Minerals Corp. – COU: CNSX (“Cougar” or the “Company”),
announces that it has entered into an option agreement with Peter C. Dunlop, wherein the Company may acquire an undivided 80% interest in two (2) mineral claims (the Con 1 and Con 2 claims) located in the Rice Lake area of Manitoba (the “Property”), in consideration of the payment of an aggregate of $57,000, the issuance of 420,000 common shares of the Company at a deemed value of $0.10 per share, and incurring a minimum of $300,000 in exploration expenditures on the Property, in instalments over the next 4 years. The Company may further elect to acquire the remaining 20% interest upon payment of another $1.5 million at any time before the commencement of commercial production. If the Company acquires any interest in the Property, the Property will also be subject to a 3% net smelter returns royalty (the “NSR Royalty”) reserved to Mr. Dunlop, of which the Company may acquire up to one-half for $1.5
million, at the rate of $500,000 per 0.5% portion of the NSR Royalty.
The Con 1 and Con 2 claims are located approximately 12 kilometres east of the historic Rice Lake mine operated by San Gold Corp. in the prolific Rice Lake greenstone belt of southeast Manitoba. San Gold has begun underground development of the recently discovered Hinge Zone (Stockwatch news release dated April 8, 2009). Individual underground face grades have assayed up to 2.52 ounces per ton over a true width of 12 feet in drift at depths of 350 feet from surface in the Hinge Zone.
The Con 1 and Con 2 claim option, together with the option of the Bill claims from Wynne
Drilling (Stockwatch news release dated April 9, 2009), and claims optioned from Outback Capital (Stockwatch news release dated April 9, 2009) provide Cougar with a substantial ground position in the underexplored area close to the newly discovered Hinge Zone. Cougar plans an aggressive 2009 summer exploration program followed by diamond drilling.
COUGAR MINERALS CORP.
s/“Mike Elson”
President & Chief Executive Officer
The Canadian National Stock Exchange has neither approved nor disapproved of
the contents of this press release.