Mr. Michael Allen reports
ECLIPSE FURTHER EXPANDS HERCULES GOLD PROJECT IN NEVADA'S WALKER LANE TREND
Eclipse Gold Mining Corp., together with the company's wholly owned subsidiary, Hercules Gold USA LLC, has entered into a binding purchase and sale agreement with CP Holdings Corp., a wholly owned subsidiary of Headwater Gold Inc., to acquire a 100-per-cent interest in 83 unpatented lode mining claims situated internal and adjacent to Eclipse's Hercules project as well as a historical dataset of 88 drill holes, 628 rock samples, 1578 soil samples and other geological data.
Subject to TSX Venture approval, Eclipse will acquire an undivided 100-per-cent interest in the mining claims and dataset by:
Making a one-time payment of $100,000 (U.S.);
Issuing 500,000 common shares of the company to the sellers;
Granting a net smelter royalty to the seller that varies between 1.25 per cent and 2.5 per cent on the mining claims;
- Eclipse has reserved the right to buy 50 per cent of the NSR, and a right of first refusal on the remainder.
About Eclipse Gold Mining Corp.
Eclipse Gold Mining is exploring the district-scale Hercules gold property within Nevada's
Walker Lane trend. The Hercules property is located only a one-hour drive from Reno and appears to have all the characteristics of a large, low-sulphidation epithermal gold system. The company brings together a team with a record of nine successful buyouts/exits totalling $4.6-billion.
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