Re: MPH aquires "" NEW WEST TIMMINS GOLD PROPERTY ""
in response to
by
Welcome To The MPH Ventures HUB On AGORACOM
Edit this title from the Fast Facts Section
Message: MPH aquires "" NEW WEST TIMMINS GOLD PROPERTY ""
MPH Ventures Corp
Suite 2230 - 885 West Georgia Street
Vancouver, British Columbia
V6C 3E8
| TSX-V Trading Symbol: MPS Email: info@mphventurescorp.com(Email address obfuscated: enable JavaScript to view) |
Telephone: (604) 687-3376 Facsimile: (604) 687-3119 |
| Thu Sep 17, 2009 MPH Ventures Acquires Three Gold Properties in Timmins, NE Ontario |
|
|
Vancouver, BC -- MPH Ventures Corp. (TSX-V: MPS) (FWB: IJA1) (the "Company") is pleased to announce that it has entered into an Acquisition Agreement with certain vendors (the "Vendors) to acquire a 100% interest in three contiguous gold exploration properties referred to as the Godfrey Gold property comprised of approximately 700 acres located in the Godfrey and Bristol Townships, Timmins Mining Division of northeastern Ontario. Click Here for Godfrey Gold property location map The Godfrey Gold property is located 20 km west of Timmins, Ontario and 9 km northwest of the Lakeshore Gold Timmins Mine. The property covers several historical gold occurrences. Previous operators exposed a 125 metre long trench within a highly altered felsic intrusion. Multiple quartz veins and shear structures contain pyrite, chalcopyrite, galena and visible gold with grab sample assay results up to 13.8 oz/t Au (386.4 g/t Au). A sampling program in 2008 returned high grade gold results including 1.5 oz/t Au and 0.79 oz/t Au from grab samples. MPH Ventures has not yet completed the work necessary to verify the historical results and since they are historical in nature and are non-compliant with NI 43-101, the results should not be relied upon. An exploration program consisting of line cutting, mechanical trenching and ground geophysics is planned for the Godfrey Gold property this fall to be followed by a drilling program. Todd Keast, PGeo., is the qualified person under the meaning of National Instrument 43-101 and has reviewed the data in this News Release. Pursuant to the terms of the Agreement, the Company has agreed to pay the sum of $10,000 and issue an aggregate of 1,500,000 common shares to the Vendors in accordance with their respective interests in the Godfrey Gold property. The property is subject to a 2% net smelter return royalty (the "NSR") in favour of the Vendors. MPH Ventures has been granted a right to purchase one-half of the NSR on the Godfrey Gold property by paying the Vendors the sum of $1,000,000 for the 1% NSR acquired. The above transaction is subject to the acceptance of the TSX Venture Exchange. MPH Ventures Corp. is a gold and molybdenum exploration company focused on mineral development within Canada. ON BEHALF OF THE BOARD OF DIRECTORS "Jim Pettit" ______________________________ JAMES G. PETTIT President |
Loading...
Loading...
New Message
Please
login
to post a reply