Viking Gold Extends Warrants, Modifies Larose Option, and
Terminates Option in Dominican Republic
/NOT FOR DISSEMINATION IN THE
UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE
SERVICES/
TORONTO,
Dec. 27, 2012 /CNW/ - Viking Gold
Exploration Inc. (TSX-V:VGC), the "Company" or "Viking Gold", is
pleased to announce that it has received approval from the TSX
Venture Exchange to extend two groups of the Company's warrants.
The first group, which consists of 3,000,000 warrants exercisable
at $0.20 and expiring on December 31, 2012, has been extended to
June 30, 2013. The second group,
which consists of 13,654,000 warrants exercisable at $0.20 and expiring on January 25, 2013, has been extended to
July 25, 2013.
The Company is also pleased to announce that
Golden Share Mining Corporation ("Golden Share") has agreed to
continue with the second year of its December 2011, three-year option to earn a 50%
interest in the Company's Larose Project, which consists of 16
claims situated 120 km west of Thunder
Bay, Ontario. Some terms of the original agreement have been
modified to accommodate Golden
Share. Golden Share will not
be required to incur exploration expenditures of $150,000 in the second year of the option as
originally agreed, though it will be required to keep the claims in
good standing and any expenditures incurred will be applied against
its $500,000 total work commitment.
Golden Share has issued its second
tranche of 100,000 common shares to the Company and has agreed to
pay in June 2013, 50% of the
$10,000 advance royalty payment due.
Viking Gold has agreed to extend the option agreement by one
additional year under these revised terms.
Viking Gold further announces that it has
decided to terminate its October 2012
option agreement with Everton Resources Inc. to earn up to a 60%
interest in two mining concessions in the Dominican Republic.
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 press release.
This press release contains forward-looking
statements. All statements, other than of historical fact, that
address activities, events or developments that the Company
believes, expects or anticipates will or may occur in the future
(including, without limitation, statements regarding the estimation
of mineral resources, exploration results, potential
mineralization, potential mineral resources and mineral reserves)
are forward-looking statements. Forward-looking statements are
often identifiable by the use of words such as "anticipate",
"believe", "plan", may", "could", "would", "might" or "will",
"estimates", "expect", "intend", "budget", "scheduled", "forecasts"
and similar expressions or variations (including negative
variations) of such words and phrases. Forward-looking statements
are subject to a number of risks and uncertainties and other
factors that may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Factors that could cause actual
results or events to differ materially from current expectations
include, among other things, without limitation, failure to
establish estimated mineral resources, the possibility that future
exploration results will not be consistent with the Company's
expectations, the price of commodities and other risks identified
in the Company's documents filed with the Canadian securities
regulatory authorities on SEDAR.com. Any forward-looking statement
speaks only as of the date on which it is made and, except as may
be required by applicable securities laws, the Company disclaims
any intent or obligation to update any forward-looking
statement.
SOURCE Viking Gold Exploration Inc.