Business
Gammon Gold Completes Strategic Option Agreement with Valdez Gold Inc. for the Los Jarros Properties in the Ocampo-Pinos Altos Region
Gammon Gold Completes Strategic Option Agreement with Valdez Gold Inc. for the Los Jarros Propert...
About this update from Auq Gold Mining Inc.
[{"type":"text","content":"\n\n\n\n Jun. 18, 2010 (Canada NewsWire Group) -- Gammon Gold Inc. ("Gammon") (TSX:GAM and NYSE:GRS): announces that it has executed a binding Letter of Intent that will give Gammon the option to acquire the 43,229 hectare block of mineral concessions called the "Los Jarros" Properties from Valdez Gold Inc. Under the terms defined in the Letter of Intent, Gammon will have the option to purchase a 100% interest in the properties, through a series of successive payments within 48 months of the date of the agreement.\nThe claims are contiguous to the Ocampo land package on the north and east, surround the Pinos Altos properties of Agnico-Eagle Mines Ltd., and cover regional structural extensions of the Concheno properties of Frisco Mining. Past work by Valdez Gold Inc. has identified a high-sulfidation epithermal gold prospect in the southern portion of the properties as well, between the Candamena gold-silver district, and the Orisyvo project of Fresnillo PLC. The Ocampo properties of Gammon cover approximately 11,262 hectares, and the recent addition of option contracts on the Venus properties (4,491 hectares), and the Los Jarros properties (43,229 hectares), brings Gammon's mineral holdings in this highly competitive camp to approximately 58,982 hectares.\n"This option is another step for our Company in building a significant land package in one of the most exciting and competitive districts in Mexico. Our options of the Venus and Los Jarros properties have quadrupled our land holdings to a dominant position in a district that we know well, and we plan to begin basic exploration of the Los Jarros properties as soon as the definitive exploration agreement is in place. We continue to work to identify opportunistic acquisitions that will increase and enhance our portfolio of exploration and development properties." stated Peter Drobeck, Senior VP of Exploration and Business Development. He continued, "We are also deploying geologists from El Cubo to other exploration projects in the Ocampo region to support the Ocampo based team and accelerate the exploration program that includes fieldwork at the Jarros properties."\n\nhttp://files.newswire.ca/258/Los_Jarros_Property.doc\n\nAbout Gammon Gold\n\nGammon Gold Inc. is a mid-tier gold and silver producer with properties in Mexico. The Company's f...