Business
Canuc Resources to Option Mill Village Gold property, Liverpool Nova Scotia
Canuc Resources to Option Mill Village Gold property, Liverpool Nova Scotia
About this update from Canuc Resources Corporation
[{"type":"text","content":"\n\n\n\n Nov. 30, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nTSX Venture Exchange\nSymbol: CDA\nShares Outstanding: 43,004,598\n\n\nTORONTO, Nov. 30 /CNW/ - Canuc Resources Corporation ("Canuc" or the\n "Company") is pleased to report that it has signed an Option Agreement\n with Magnum Resources Inc. (Magnum) whereby Canuc has the right to\n acquire 100% interest in the Mill Village gold property located near\n Liverpool Nova Scotia. The property consists of 31 claims totalling\n 501.8 hectares covering the Mill Village gold occurrences including the\n historic Gold Eagle and Thompson mines. A former historic producer, the\n Gold Eagle and Thompson mines host geology and mineralization identical\n to the other "Meguma Series" gold deposits located in the province.\n Characterized by high grade gold enclosed within a quartz vein / slate\n package adjacent to a sandstone contact, the Meguma deposits are\n typically 100,000 - 200,000 ounces in size with gold generally\n occurring in high grade zones that can be exploited very rapidly.\n\n\nThe terms of the agreement require Canuc to pay $50,000 to Magnum within\n 5 days of the commencement date and to issue 1 million common shares of\n Canuc and 2 million common share purchase warrants, exercisable at\n $0.25. Work commitments include $500,000 in the first year, $300,000 in\n the second year followed by a minimum production commitment of 7,300\n tonnes of run of mine ore in the third.  Magn...