MacDonald Mines Sachigo Lake property agreement

2008-11-17 16:38 ET - Property Agreement

The TSX Venture Exchange has accepted for filing documentation pertaining to an option and joint venture agreement dated Oct. 8, 2008, between MacDonald Mines Exploration Ltd. and Escape Gold Inc. -- a TSX Venture Exchange-listed company, whereby the company can earn up to a 50-per-cent interest in certain mining claims (the Sachigo Lake property), located in the northwest region of the Sachigo greenstone belt, Red Lake mining district, Ontario.

Under the terms of the agreement, the company can earn a 40-per-cent interest in the property by making a cash payment of $50,000, issuing 600,000 common shares and 600,000 common share purchase warrants over a one-year period, and incurring a total of $360,000 in exploration expenditures over a one-year period. Each common share purchase warrant entitles the holder to acquire one common share at 40 cents for a two-year period.

For further details, please refer to the company's news release dated Oct. 14, 2008.