Business
Conquest Resources Signs Agreement to Acquire Past Producing Golden Rose Gold Mine
Toronto, Ontario / November 27, 2017 / JMN Wire / Conquest Resources Limited (TSV-V: “CQR”) (“Conquest” or “the Company”) is pleased to announce that the Compan
About this update from Conquest Resources Limited
[{"type":"text","content":"Toronto, Ontario / November 27, 2017 / JMN Wire / Conquest Resources Limited (TSV-V: “CQR”) (“Conquest” or “the Company”) is pleased to announce that the Company has entered into a conditional agreement to acquire, indirectly, the Golden Rose Property, which encompasses the former Golden Rose gold mine and related patented and staked mining claims located 65 kilometres northeast of Sudbury. Conquest has entered into the Agreement (the “Acquisition Agreement”) with Northern Nickel Mining Inc. (“Northern Nickel”), the current owner of the Golden Rose Property, and its majority shareholders to acquire 100% of Northern Nickel in consideration of the issuance of a total of 10,000,000 shares of Conquest to the shareholders of Northern Nickel, representing approximately 10% of CQR shares outstanding. “This low-cost acquisition is transformative for Conquest and its shareholders. The Golden Rose mine property at Emerald Lake has exceptional exploration upside for gold discovery” commented Benjamin Batson, P. Geo, P. Eng., President and Chief Executive of Conquest. “The former gold producing mine has unusually extensive underground development and relatively few exploration programs over the property’s 120-year history, despite having exploration success through the last boom-cycle of the Canadian mining industry 2009 through 2011.” “Exploration of the former Golden Rose Mine has been historically focused on a developed corridor of high-grade gold mineralization measuring 770 metre in length over seven levels. In 2010, surface exploration drilling confirmed high-grade gold mineralization below the 300-metre level at the east end of the developed areas. The Company feels there is great opportunity to create value for Conquest shareholders by exploring in the untested areas around the mine, in addition to the combined seven kilometres of favourable stratigraphy over two banded iron formations which are largely untested and completely open for new gold discovery.” The Acquisition Agreement provides for the purchase of 3,510,000 shares (70%) of Northern Nickel from the majority shareholders of Northern Nickel and the agreement of Northern Nickel to assist in securing the agreement of the remaining shareholders to sell their shares in consideration for the issuance of a total of 10,000,000 shares of Conquest. ...