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PACIFIC CASCADE ANNOUNCES LETTER OF INTENT FOR EL CENTENARIO PROPERTY
Apr. 27, 2011 (TheNewswire.ca) -- Pacific Cascade Minerals Inc. (the Company) has signed a L...
About this update from Bathurst Metals Corp
[{"type":"text","content":"\nPACIFIC CASCADE ANNOUNCES LETTER OF INTENT FOR EL CENTENARIO PROPERTY\n\n Apr. 27, 2011 (TheNewswire.ca) -- Pacific Cascade Minerals Inc. (the Company) has signed a Letter of Intent (LOI) with Arcelia Gold Corp. (Arcelia) whereby Arcelia grants to the Company the sole and exclusive right and option to acquire a 70% undivided interest in and to Arcelia's interest in the El Centenario Property (the Property) located in the State of Durango, Mexico.The Property consists of 12 adjoining mineral claims encompassing 9,846 hectares located approximately 210 km NW of Durango city and 10 km NW of the town of San Juan de Canas. The El Centenario Property is in the heart of the Sierra Madre Occidental, a Tertiary-age volcanic belt that extends from the US border to Guatemala. This volcanic structure is known to host many large gold-silver deposits. The La Cienega mine, owned and operated by Industrias Penoles SA is located 15 km NE of the property. Existing records show that to date La Cienega has produced more than 2M oz of gold and 50M oz of silver. 10 km to the SSE of the property is the Metates deposit under development by Chesapeake Gold (TSXV:CKG) (OOTC:CEPKF) which hosts a drill-proven gold-silver geological resource.The El Centenario Property area encloses a historical, little explored, high-grade mining district that has had artisinal mining activity since Spanish Colonial times in the late 1600's. The Property hosts 3 significant surface zones of mineralization as evidenced by historical data and small scale mine workings. Two of the three zones are accessible by road from the nearby towns.In consideration of the grant of the Option, PCV agrees to pay to the Company the sum of USD$200,000 (Two Hundred Thousand US Dollars) and provide 2,000,000 in shares of PCV to be paid in four installments with the first payment made on the date (the \"Approval Date\") which is the later of i) the date of receipt of TSX Venture Exchange approval for the transaction, and ii) June 30, 2011. The Company has also agreed to make payments in the aggregate amount of approximately $1,500,000 to the underlying property owners over a period of four years.\n\n----------------------------------------------------\n|Date for Option Payment|Amount USD$|Share Issuance|\n|--------------------------------------------------|\n|Approval Date |$50,000 |250,000 |\...