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Golden Dawn Minerals Acquires 100% Interest In Multiple Properties In The Cariboo Gold Belt, Surrounding the Wayside Discoveries, Central British Columbia, Canada
Golden Dawn Minerals Acquires 100% Interest In Multiple Properties In The Cariboo Gold Belt, Surr...
About this update from Decade Resources Ltd.
[{"type":"text","content":"\n\n\n\nOct. 22, 2009 (Canada NewsWire Group) -- VANCOUVER, Oct. 22 /CNW/ -- Golden Dawn Minerals Inc. (TSX-V: GOM) (the \"Company\") Golden Dawn Minerals (GOM TSXV) is pleased to announce the signing of 2 property purchase agreements (the \"North Block\" & the \"Cariboo Gold\"), whereby the Company acquires a total of four blocks of mineral claims totaling 4607.42 ha, lying within the Cariboo region of central British Columbia, Canada. The four blocks lie northeast, northwest and west of the International Wayside Gold Mines Ltd.'s recent spectacular gold discoveries within the Bonanza Ledge property in the Barkerville Gold District. The closest block, Bowron block, is situated 13 km NE from the Bonanza Ledge zone and the farther one, Ahbau block, is 37 km NW. Recent activity in the Barkerville area, by International Wayside, has returned spectacular gold values over long intercepts in drilling including 84.4 meters (277 feet) of 16.5g/tonne (0.481 oz/ton) gold and 37.5 meters (123.1 feet) of 36.1 g/tonne (1.052 oz/ton) gold. These results reward many long years of exploration effort by International Wayside in this historical gold district of British Columbia.Pursuant to the North Block and the Cariboo Gold purchase agreements, the Company will issue an aggregate of 1.85 million shares, 925,000 warrants and pay an aggregate of $52,500 cash to the vendors.Pursuant to the North Block agreement covering 1875.98 ha, the Company is required to make a cash payment of $25,000 due on signing, and 1 million common shares and 500,000 common share purchase warrants of the Company due within 5 days of regulatory approval. The Company is also required to expend $150,000 dollars in exploration expenditures on the property by December 1, 2010. The property will be subject to a 2% NSR in favour of the vendor, which the Company may repurchase 1% of the NSR by making a cash payment of 1 million dollars.Pursuant to the Cariboo Gold agreement covering three blocks (Bowron, Ahbau & Kee Khan blocks) totaling 2731.44 ha, the Company is required to make an aggregate cash payment of $27,500 over time and to issue 850,000 shares and 425,000 warrants to the vendor on closing. Each share purchase warrant is good for 2 years from date of issuance and is exercisable into a common share of the Company for $0.12 in the first year and $0.20 in the second. The ...