Cougar Options More Claims Near San Gold
posted on
Jul 26, 2009 08:57PM
San Gold Corporation - one of Canada's most exciting new exploration companies and gold producers.
http://www.cnq.ca/Storage/1205/108241_COUnr042009.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
April 20, 2009 – Cougar Minerals Corp. – COU: CNSX (“Cougar” or the “Company”),
announces that is has entered into an agreement with Wynne Drilling Ltd. of Bissett, Manitoba, to acquire a 100% interest in 3 mineral claims (the Bill Claims) located in the Rice Lake area of Manitoba in consideration of the payment of $100,000 payable by the issuance of 1,000,000 common shares of the Company at a deemed value of $0.10 per share to Wynne Drilling Ltd. on signing.
Two further annual share instalments of 1,000,000 common shares of Cougar at a deemed price of $0.10 per share are payable on the first and second anniversaries of the execution date of the agreement. Cougar has also agreed to grant Wynne Drilling Ltd. a 2% net smelter returns royalty (NSR) from production, over which Cougar has the option to acquire one-half of the NSR for $1,000,000.
The Bill claims are contiguous to the claims optioned by Cougar from Outback Capital Inc. (see Cougar news release of April 9, 2009), and are located approximately seven km 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, (as mentioned in the news release of April 8, 2009, on Stockwatch) individual underground face grades have assayed up to 2.52 ounces gold per ton over a true width of 12 feet in drifts at depths of 350 feet from surface in the Hinge Zone.
Cougar is planning an aggressive surface exploration program followed by diamond drilling in 2009.
COUGAR MINERALS CORP.
s/“Mike Elson”
President & Chief Executive OfficerT
The Canadian National Stock Exchange has neither approved nor disapproved of
the contents of this press release.