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by Stockwatch Business Reporter
The TSX Venture Exchange fell 3.49 points to 766.10 Monday. Joe Tai's halted capital pool shell, CWN Mining Acquisition Corp. (CWN), plans to option the Top gold-silver project in the Yukon from Tony Simon's Yes Exploration Syndicate Inc. The shell has found this qualifying transaction just two months before the arrival of its 24-month deadline.
CWN Mining must pay $160,000 and issue $180,000 worth of shares, payable in stages over four years. As well, it must spend $300,000 on exploration within one year of closing the QT. The shell touts the property as being 15 kilometres from the Mount Nansen gold mine, which former owner BYG Natural Resources Inc. abandoned in 1999 when it was unable to meet the requirements of a water licence. CWN Mining also says previous work at the Top project identified several gold anomalies. Mr. Simon staked the property in 2011 at a cost of approximately $60,000, and later that year he optioned it to Hawkeye Gold & Diamond Inc. (HGO: $0.065), which spent some money on field work but not much else. Hawkeye eventually wrote off $344,407 worth of expenses at Top and in May, 2013, when the company was overdue on payments, Mr. Simon served notice that he was taking his property back (he received a total of $106,200 in cash and share payments from Hawkeye for the Top property). He has been looking for a new buyer ever since.
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