Sale of Interest in South Estelle / Director's Shareholding
05 Febrero 2009 - 1:03AM
UK Regulatory
TIDMHIF
Hidefield Gold plc
Sale of Interest in South Estelle Gold project, Alaska
Director's Shareholding
Hidefield Gold plc ("Hidefield" or the "Company"), the gold company
with advanced projects in Argentina, Brazil and Alaska, including the
Don Nicolas gold project in Santa Cruz Province, Argentina, announces
that it has agreed to sell its interest in the South Estelle gold
project in Alaska (the "Estelle Project") to Millrock Resources Inc.
(MRO - TSX:V) ("Millrock") as part of an agreement for Millrock to
acquire a 100 per cent. interest in the Estelle Project from the
Hidefield and Mines Trust Co. ("Mines Trust") joint venture known as
the "Golden Zone joint venture".
This agreement supersedes a prior option agreement between the
Millrock and the Golden Zone joint venture companies by which
Millrock was entitled to earn an eighty per cent. interest in the
Estelle Project through a combination of cash payments and by funding
exploration activities on the property.
The parties to the agreement plan to execute a formal purchase
agreement by 17 February 2009 while completion of the sale remains
subject to Millrock securing TSX Venture Exchange approval to the
transaction.
The consideration for the sale of Hidefield's interest in the Estelle
Project includes a cash payment of US$100,000, the issue to Hidefield
of one million Millrock common shares and the granting of a one per
cent. Net Smelter Royalty ("NSR") over future production from the
Estelle Project.
Director's Shareholding
Mr. Kenneth Judge, Chairman of Hidefield, has informed the Company
that Hamilton Capital Partners Limited ("Hamilton"), a company with
which Mr. Judge is associated, has deposited by way of certain
security arrangements related to borrowings by Hamilton, 16,961,675
ordinary shares representing 5.49 per cent. of the issued share
capital of the Company. In total Hamilton holds 21,961,675 ordinary
shares in Hidefield.
ABOUT HIDEFIELD
Hidefield is a gold company with a focus on the acquisition and
development of highly prospective projects in North and South
America. The Company has a diverse portfolio of projects. In South
America and Alaska the projects are directly held by Hidefield, while
those projects in Canada, Nevada and Arizona are held in independent,
self-funded associate companies.
Hidefield's substantial direct gold project interests are principally
in Argentina where the Company is actively exploring the advanced
stage Don Nicol�s gold project in Santa Cruz Province with a mineral
resource estimate, prepared in compliance with JORC reporting
standards, of 1,214,000 tonnes at 7.7 gpt gold containing 301,600
ounces of gold using a high grade cut of 90 gpt gold (383,400 ounces
of gold at 9.8 gpt without high grade cut off).
The Company is exploring an extensive portfolio of gold exploration
licences in the Patagonian provinces of Santa Cruz and Chubut,
Argentina while in Brazil the Company's activities are focused on the
evaluation of the advanced stage Cata Preta gold project near the
historic city of Ouro Preto in the productive Quadrilatero Ferrifero
region of Minas Gerais state.
In Alaska, Hidefield has a 60 per cent. interest in the Golden Zone
joint venture which includes the Golden Zone and South Estelle
mineral projects and an option to earn up to 100 per cent. interest,
subject to a 2.5 per cent. NSR, by making a series of staged cash,
share and property expenditures. The Golden Zone property is located
240 km north of Anchorage and contains a measured and indicated
resource of approximately 253,000 ounces of gold, 1,180,000 ounces of
silver and 6,114,000 pounds of copper. The South Estelle property,
now in joint venture, is located approximately 175 km northwest of
Anchorage and 230 km southwest of the Golden Zone project and adjoins
Kennecott's Whistler copper-gold property.
For more information on Hidefield go to www.hidefieldgold.com
For further information on this release, please contact:
Hidefield Gold Plc
Ken Judge, Chairman + 44 773 300 1002
Investor Relations
Jon Bey: North America + 1 800 689 2599
+ 1 604 689 2599
Hanson Westhouse Limited (Nomad)
Tim Feather / Matthew Johnson + 44 113 246 2610
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This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
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