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Lago Dourado Minerals Ltd. and GPM Metals Inc. Announce Property Sale
Lago Dourado Minerals Ltd. and GPM Metals Inc. Announce Property Sale Lago Dourado...
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[{"type":"text","content":"\n\n\n\nLago Dourado Minerals Ltd. and GPM Metals Inc. Announce Property Sale\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nLago Dourado Minerals Ltd. and GPM Metals Inc. Announce Property Sale\nCanada NewsWire\nTORONTO, March 29, 2016\n\n\n\nTORONTO, March 29, 2016 /CNW/ - Lago Dourado Minerals Ltd. (TSXV:LDM) (\"Lago\") and GPM Metals Inc. (TSXV:GPM) (\"GPM\") are pleased to announce that they have agreed upon terms of the proposed acquisition (the \"Acquisition\") by Lago from GPM of GPM's interests in the Sandy Lake district, Northwestern Ontario. These interests include a 100% interest in 1400 contiguous claim units known as the \"East Block\" as well as GPM's right to earn up to a 70% interest in the Weebigee Project, also known as the \"Northwest\" claim block (collectively, the \"Project\").\n\nThe Weebigee Project is a joint venture between GPM and Goldeye Explorations Ltd (TSXV:GGY) (\"Goldeye\"), the terms of which are outlined in a press release of GPM dated April 15, 2015 available on SEDAR at www.sedar.com.\n\nGPM has agreed to sell its interests in consideration of the issuance of 40,000,000 common shares of Lago (the \"Consideration Shares\"). It is a condition to the completion of the Acquisition that GPM shall effect a distribution of the Consideration Shares to its shareholders immediately following the closing of the Acquisition (the \"Share Distribution\"). Following the closing of the Acquisition, the board of directors of Lago shall be increased to consist of five (5) directors, three (3) of which shall be nominees of Lago and two (2) of which shall be nominees of GPM. In addition, it is proposed that Lago change its name to Sandy Lake Gold Inc.\n\nThe Project consists of approximately 28,000 hectares of contiguous exploration rights and covers more than 50 km of strike length of the Sandy Lake greenstone belt. The Sandy Lake greenstone belt is located on the same geological terrain as Goldcorp Inc.'s world class Musselwhite Mine, however the Sandy Lake greenstone belt remains significantly under explored. An aggregate of approximately 3,000...