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Viper Gold Options 100% Interest in the Grindstone Creek Occurrence Near Timmins Ontario |
August 01, 2012
TORONTO, ONTARIO--(Marketwire - Aug. 1, 2012) - Viper Gold Ltd. ("Viper" or the "Company") (TSX VENTURE:VPR) announces that it has entered into an option agreement (the "Agreement") on July 31, 2012 with Kinross Gold Corporation ("Kinross") and Selkirk Metals Corp. ("Selkirk"), a wholly owned subsidiary of Imperial Metals Corporation on their Currie-Bowman Property, located 54 kilometres east of Timmins Ontario (the "Grindstone Creek Property"). Pursuant to the Agreement Viper can acquire 100% interest in the Grindstone Creek Property by earning 100% of the 60% interest currently held by Kinross and 100% of the 40% interest held by Selkirk, subject to the approval of the TSX Venture Exchange. The option requires expenditures totalling $375,000 over 2 years, with the first $125,000 committed to be expended during the first year of the agreement in addition to staged share payments totalling 667,000 common shares of Viper, paid to Kinross and Selkirk on a pro rata basis based on their respective interests at the start of the option period. Of the 667,000 common shares of Viper, 167,000 are payable within 10 days of completing a 30 day due diligence period. Upon exercise of the option, Kinross will retain a 1% NSR and Selkirk will retain a 0.67% NSR, 50% (or 0.835%) of which can be purchased by Viper for a total of $835,000.
http://www.marketwire.com/mw/release.do?id=1686188&sourceType=3
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