VANCOUVER, British Columbia -- (Business Wire)
Klondike Gold Corp. (TSX.V:KG) (âKlondikeâ) announces that it has signed
a Definitive Agreement with Medgold Resources Corp. (âMedgoldâ) for the
acquisition by Medgold of 100% of Klondikeâs Portuguese assets (see
Klondike news release dated December 11, 2013) comprised of five gold
exploration permits covering 600 square kilometers located in northern
Portugal.
The Portugal project combine five exploration licences (Balazar,
Valongo, Legares, Castelo do Paiva and Ponte de Barca), with four
covering the majority of the Valongo geological belt and gold
occurrences, plus Ponte de Barca which covers orogenic gold occurrences,
collectively located in the north of Portugal.
The terms for the acquisition of Klondikeâs Portuguese assets are as
follows:
-
Payment of $10,000 in cash to Klondike upon signing of the LOI (paid).
-
Payment of $40,000 in cash and 800,000 Medgold shares upon signing of
Definitive Agreement (paid).
-
A final payment in 12 months of $100,000 in cash and $250,000 in cash
or shares (to be decided by Medgold).
-
On closing of the purchase, Klondike will retain a 2.0% NSR, which
will be re-purchasable for $1.0 million per percentage point.
Peter Tallman, President and CEO of Klondike states, âKlondike has
divested its interests in Portugal in return for a meaningful share
position in Medgold while retaining a royalty interest. This strategy
allows Klondike Gold shareholders indirect participation in a portfolio
of prospective European mineral properties while keeping the Companyâs
financial focus on its core Yukon assets.â
ABOUT KLONDIKE GOLD CORP.
Klondike Gold Corp., is a Canadian
exploration company with offices in Vancouver, British Columbia, and
Dawson City, Yukon. The Company is focused on the development of its
Yukon gold properties, and also holds a large portfolio of gold and base
metal projects in southeastern British Columbia.
On behalf of Klondike Gold Corp.
âPeter Tallmanâ
President and CEO
(604) 609-6110
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 release.
Contacts:
Klondike Gold Corp.
Peter Tallman, 604-609-6110
President and
CEO
Source: Klondike Gold Corp.
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