 | |
| |
| | Tue Apr 15, 2008
Pelangio Advised that Detour Gold has Entered into an Agreement with Goldcorp to Exercise its Option for the 100% Interest in the Detour Lake Mine Property | 
view PDF | TORONTO, Ontario (April 15, 2008) -- Pelangio Mines Inc. (PLG:TSX) ("Pelangio") has been advised by Detour Gold Corporation ("Detour Gold") that Detour Gold has entered into an agreement with Goldcorp Canada Ltd. to exercise its option for the 100% interest in the Detour Lake Mine Property located in northern Ontario.
Pelangio has a 49.0% equity interest in Detour Gold (20 million shares). Detour Gold issued a press release today, the verbatim text of which follows:
"Detour Gold Enters Into Agreement with Goldcorp to Exercise its Option for the 100% Interest in the Detour Lake Mine Property
Detour Gold Corporation (TSX: DGC) ("Detour Gold" or the "Company") is pleased to announce that it has entered into an agreement (the "Purchase Agreement") with Goldcorp Canada Ltd. ("Goldcorp") pursuant to which the Company will exercise its option (the "Option") and will acquire ownership of the Detour Lake mine property (the "Mine Option Property") from Goldcorp (the "Transaction"). Following the completion of the Transaction, Detour Gold will be the sole owner of the Mine Option Property, including all the surface rights.
The Detour Lake gold deposit, currently the focus of Detour Gold's exploration activities and feasibility study, is located on the Mine Option Property.
Pursuant to the terms of the Purchase Agreement, the Company will assume all of Goldcorp's liabilities and obligations relating to the Mine Option Property and certain other exploration properties in the Detour Lake and Massicotte areas of Ontario and Quebec. Upon the exercise of the Option and the closing of the Transaction, as per the terms of the Option and Access Agreement dated December 10, 1998, Detour Gold will grant Goldcorp a 1% royalty on the net smelter returns derived from the Mine Property (the "Mine Property NSR"). The Company will have the right to purchase the Mine Property NSR from Goldcorp at any time by paying Goldcorp the sum of $1,000,000.
The exercise of the Option and the closing of the Transaction is subject to Detour Gold and Goldcorp obtaining all necessary third party approvals and consents, the filing of an amended mine closure plan for the Mine Option Property, and other customary conditions. The amended mine closure plan is expected to be filed with the Ministry of Northern Development and Mines of Ontario in the second quarter of 2008. The Transaction is expected to close in the third quarter of 2008.
For further information, please contact:
Gerald Panneton, President and CEO
Tel: (416) 304.0800
Laurie Gaborit, Director Investor Relations
Tel: (416) 304.0581
Detour Gold Corporation, Royal Bank Plaza, North Tower, 200 Bay Street, Suite 2040, Toronto, Ontario M5J 2J1
Forward-Looking Information
This press release contains certain forward-looking information as defined in applicable securities laws (referred to herein as "forward-looking statements"). Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or statements that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Specifically, this press release includes forward-looking statements regarding the Company's Purchase Agreement with Goldcorp pursuant to which the Company will exercise the Option and will acquire ownership of the Detour Lake Mine Option Property from Goldcorp. Inherent in forward-looking statements are risks, uncertainties and other factors beyond the Company's ability to predict or control. These risks, uncertainties and other factors include, but are not limited to, the uncertainties involved in the Transaction and other risks involved in the gold exploration and development industry as well as those risk factors listed in the Company's Annual Information Form (AIF), Item 4.4 -- "Description of Business - Risk Factors" filed on SEDAR. Readers are cautioned that the list of factors included in the AIF is not exhaustive of the factors that may affect the forward-looking statements. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this press release. The exercise of the Option and the closing of the Transaction are subject to a number of conditions, including, but not limited to the Company and Goldcorp obtaining all necessary third party approvals and consents, the filing of an amended mine closure plan for the Mine Option Property, and other customary conditions. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law."
About Pelangio
Pelangio is a gold exploration company active in the top-ranked mining jurisdictions in the world, Canada and Ghana. Pelangio's main focus is to advance its exploration programs on its premier land position in Ghana totaling 290 square kilometres, located on strike and adjacent to AngloGold Ashanti's Obuasi gold mine.
Pelangio also has a 49.0% equity interest in Detour Gold, which controls the Detour Lake advanced exploration project. The near-term objective of Detour Gold is to advance the Detour Lake project to development and production.
For additional information, please visit our website at www.pelangio.com or contact:
Ingrid Hibbard, President & CEO or
Warren Bates, Vice President Exploration
Tel: 905-875-3828 / Toll-free: 1-877-746-1632 / Email: info@pelangio.com
Reliance on Detour Gold and Forward-Looking Statements
The information contained in this press release is a verbatim extract of the press release issued by Detour Gold. Although Pelangio believes the information included in the press release to be generally reliable, the information has not been independently verified and Pelangio does not assume any liability for the accuracy or completeness of such information. Furthermore, as noted above in the verbatim extract, the press release may contain forward-looking information within the meaning of applicable securities laws. Such information includes, but is not limited to, the statements regarding the uncertainties involved in the Transaction and other risks involved in the gold exploration and development industry and is subject to risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The risks include those that are set out above in the verbatim extract and those contained in Detour Gold's annual information form, Item 4.4 -- "Description of Business -- Risk Factors" filed on SEDAR. See also, the risks set out in Pelangio's annual information form, management information circular and quarterly and annual management's discussion and analysis. There is no assurance that the forward-looking information contained in the press release will prove to be accurate. Accordingly, readers should not place undue reliance on the forward-looking information.
All of the information contained in the press release is qualified by this cautionary statement. |
|
| |
| | You can view the Next News Releases item: Tue Apr 22, 2008, Pelangio Shareholders Approve Arrangement
You can view the Previous News Releases item: Thu Apr 10, 2008, Pelangio Advised of Drill Results from Detour Gold's Drilling Program at Detour Lake, Ontario
You can return to the main News Releases page, or press the Back button on your browser.
|
| | |
