Valley High Ventures Options The Flume Property In Yukon Territory To Valdez Gold
26 Enero 2010 - 8:00AM
Marketwired
Valley High Ventures Ltd. ("Valley High" or the "Company") (TSX
VENTURE: VHV) is pleased to announce that it has signed an option
agreement with Valdez Gold Inc. (VAZ-TSXV, or "Valdez"), whereby
Valdez has been granted the right to earn a potential 75% interest
in Valley High's Flume property located in the White Gold District
of Yukon Territory, Canada. Under the terms of the agreement,
Valley High grants Valdez the right to earn a 51% interest in the
Flume property by incurring $1.5 million in qualified expenditures
over a four year period (with a minimum commitment of $200,000 of
qualified expenditures by June 24th, 2011) with cash payments to
Valley High of $25,000 on signing, $25,000 after the first six
months, $50,000 on June 24, 2011, $75,000 on June 24, 2012 and
$325,000 on June 24, 2013. If the earn-in is achieved, Valdez would
further have the option to increase its share to 65% by spending an
additional $5 million and making further staged cash payments
totaling $500,000 by the end of year seven. Valdez would then have
the option of increasing its share to 75% by the end of year nine
by completing a feasibility study and making a cash payment of $1
million.
The Flume property is located 60 km southwest of Dawson City,
Yukon and 30 km northwest of Underworld Resources Ltd.'s White Gold
discovery and comprises 191 mineral claims totaling approximately
3,900 hectares. The claims cover the headwaters of Ten Mile Creek,
a well known placer mining location, as well as the headwaters of
Sestak Creek. On June 24, 2009, Valley High entered into an option
agreement with Phelps Dodge Corporation of Canada, Limited ("PDC"),
a wholly owned subsidiary of Freeport-McMoRan Copper & Gold
Inc. to acquire a 100% interest in the Flume Property. PDC retains
a 2% net smelter return royalty of which one half can be
repurchased by Valley High for $1 million. PDC also retains the
right to share in the proceeds derived from the sale or option of
the property to a third party in the amount of 50% of proceeds
received during the first year and 25% of the proceeds in any
subsequent year.
The Flume property was staked by PDC in 1998 to cover drainages
with anomalous gold and arsenic in government stream sediment
samples. PDC subsequently completed property wide soil sampling,
geological mapping, prospecting and limited trenching that defined
two main target areas primarily characterized by elevated gold and
arsenic soil anomalies with minor anomalous antimony and
molybdenum. The most recent exploration done on the property was a
small mechanical augur program completed in 2007 by Goliath
Resources Inc.
Completion of the transaction contemplated in the release is
subject to certain conditions including, without limitation,
receipt of all necessary regulatory and third party approvals.
Robert Cameron, P.Geo, who is a qualified person within the context
of National Instrument 43-101 has read and takes responsibility for
this news release.
About Valley High Ventures Ltd.:
Valley High is a Canadian based precious and base metal
exploration company with projects located in Mexico, British
Columbia and Yukon. The Company's Cordero property in Mexico is
being evaluated for large bulk mineable silver, gold, zinc and lead
deposits geologically similar to the large Penasquito deposit
currently being developed by Goldcorp Inc. Recent drill results
from Cordero include the discovery of a new zone at Pozo de Plata
wherein drill hole C09-5 returned 152 metres grading 80.64 g/T Ag,
0.61 g/T Au, 1.41% Zinc and 1.22% lead. Levon Resources Ltd. has an
option to earn a 51% interest in the project by funding exploration
work totaling Cdn. $1,250,000 plus their proportion of the
underlying option and property maintenance costs.
The Company's Mount Polley project is located in British
Columbia adjacent to Imperial Metals Corporation's ("Imperial") Mt.
Polley copper-gold mine. Valley High also has a production royalty
on the Boundary Property, with Imperial. Valley High also has an
option to acquire a 100% interest in the Flume gold property in the
Yukon which is located within the newly recognized White Gold
District some 30 kilometres from the new Golden Saddle discovery of
Underworld Resources Inc.
VALLEY HIGH VENTURES LTD.
Robert Cameron, President and CEO
This news release includes certain "forward-looking statements"
under applicable Canadian securities legislation. Such
forward-looking statements or information, including but not
limited to those with respect to the prices of copper, estimated
future production, estimated costs of future production, permitting
time lines, involve known and unknown risks, uncertainties, and
other factors which may cause the actual results, performance or
achievements of Valley High to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements or information. Such factors
include, among others, the actual prices of copper, the factual
results of current exploration, development and mining activities,
changes in project parameters as plans continue to be evaluated, as
well as those factors disclosed in documents filed from time to
time with the securities regulators in the applicable Provinces of
British Columbia and Alberta.
"Neither 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: Valley High Ventures Ltd. Robert Cameron (604)
682-5546 www.valleyhighventures.com
Valley High Ltd Com (TSXV:VHV)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024
Valley High Ltd Com (TSXV:VHV)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024