Stronghold Announces the Signing of Definitive Option Agreement With Mowasi Gold Corp.
12 Octubre 2011 - 8:00AM
Marketwired
Stronghold Metals Inc ("Stronghold" or the "Company") (TSX
VENTURE:Z)(OTCQX:SDMTF)(FRANKFURT:E9X) is pleased to announce that
on October 7th, 2011, it entered into a definitive Option Agreement
with Mowasi Gold Corp. ("Mowasi") under the terms and conditions
previously announced by the Company on August 12, 2011. Under the
terms of the Option Agreement, Stronghold can earn a 95% beneficial
interest in Mowasi's exclusive interest in 23 prospecting permits
medium scale and 8 mining permits medium scale (the"Concessions")
which are adjacent to the Company's Eagle Mountain Project in
Guyana under the following terms and conditions:
-- Mowasi holds an option to acquire a 100% exclusive interest in the
Concessions and has irrevocably granted Stronghold the sole and
exclusive Option for a period of up to eighteen months and ninety days
to acquire up to a ninety-five percent (95%) undivided interest in
Mowasi's interest in the Concessions. In order to keep the Option in
good standing through the Option Period, Stronghold shall:
-- Pay Mowasi the sum of $100,000 USD and issue to Mowasi, 250,000
Common Shares of Stronghold.
-- Expend Exploration Expenditures of not less than $1,000,000 USD in
the first eighteen months.
-- Make any required option payments to underlying owners.
-- Once Stronghold has made all payments required to keep the Concessions
in good standing pursuant and incurred the $1.0 million USD aggregate
Exploration Expenditures, Stronghold will earn an undivided 49% interest
in the Concessions or the entity that owns the Concessions.
-- At anytime up until ninety days after making the Exploration
Expenditures, Stronghold will have the Option to acquire an additional
46% Interest in the Concessions or the entity that owns the Concessions,
bringing the total owned by Stronghold to 95%, by issuing to Mowasi, two
million (2,000,000) common shares of Stronghold and paying the sum of $1
million USD.
-- In the event that Stronghold exercises the Option and acquires a 95%
Interest in the Concessions, Mowasi's 5% interest in the Concessions
will be carried until such time as the Company completes a Feasibility
Study on the Concessions.
-- Stronghold will be the operator on the Concessions during the Option
Period and will be entitled to continue to act as Operator until it
resigns.
Stronghold is currently planning the immediate exploration
activities of the Mowasi Properties. Work on the ground is expected
to start in early 2012. The first phase program will include among
others, detailed drainage mapping, stream sediment and soil
sampling program, regional and detailed local geological mapping,
potential trenching etc. Once completed, drill targeting will
become feasible within 2012.
Yannis Tsitos, Stronghold CEO states, "We are pleased to be able
to include the Mowasi Properties in our program at Eagle Mountain.
In light of the recent success from our ongoing drill program at
Eagle Mountain, we thought it prudent to option strategically
located concessions in the close vicinity of our Eagle Mountain
concessions. The exploration program there has been designed to
provide our geologists with a better understanding of the
underlying structures, potentially leading to an increase in the
gold resources surrounding the Company's Eagle Mountain
project."
On behalf of the Board of Directors of Stronghold Metals
Inc.
Ioannis (Yannis) Tsitos, President, CEO & Director
This document contains certain forward looking statements which
involve known and unknown risks, delays, and uncertainties not
under the corporations control which may cause actual results,
performance or achievements of the corporation's to be materially
different from the results, performance or expectation implied by
these forward looking statements.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Stronghold Metals Inc. Ioannis (Yannis) Tsitos
President, CEO & Director +1 604.806.0916 +1 604.806.0956
(FAX)www.strongholdmetals.com
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