/NOT FOR DISSEMINATION IN THE
UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE
SERVICES/
TORONTO,
March 4, 2013 /CNW/ - Viking Gold
Exploration Inc. (TSX-V: VGC), the "Company" or "Viking Gold", is
pleased to announce that it has entered into an option agreement to
earn a 100% undivided interest in the Vent d'Or Property ("Vent
d'Or" or the "Property").
Vent d'Or, which consists of 44 mineral claims
covering an area of 2,461 hectares, is located southwest of the
town of Chibougamau in the
Druillettes and Hazeur Townships, in central Quebec. The claims are located on strike to
the southwest of the Monster Lake Property gold discovery, recently
made by TomaGold Corp. and Quinto Real Capital Corporation, who
have reported drilling results of up to 42 g/t Au over 7.2 m.
A location map is attached to the branded version of this press
release and is also available on Viking Gold's website.
The Property has previously yielded numerous
gold surface occurrences as well as gold intersections in shallow
drill holes. Altered volcanics, shear zones and smokey quartz veins
have been reported to occur on the Property. Surface grab samples
from highly sheared, intensely altered volcanic rocks have returned
values as high as 9.1 g/t Au while shallow drill hole intersections
of smokey quartz returned up to 11.3 g/t Au over 1.3 m.
The terms of the option are as follows:
- Pay $15,000 cash and issue
400,000 common shares on closing.
- Pay $30,000 cash and issue
300,000 common shares on or before June 1,
2014.
- Pay $45,000 cash and issue
300,000 common shares on or before June 1,
2015.
In addition, the Company has agreed to grant a
2% net smelter returns (NSR) royalty to the vendors. The
Company may acquire 50% of the NSR by making a payment of
$1,000,000. This transaction is
subject to TSX Venture Exchange approval.
Robert Gagnon, B
Sc. Geo., an independent "Qualified Person" as that term is defined
in National Instrument 43-101, has reviewed and approved the
technical disclosure in this news release.
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.