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TSX.V: GNG
US: GGTH-F
VANCOUVER, May 15 /CNW/ - Golden Goliath Resources Ltd. is pleased to announce that it has entered into an option agreement with Comstock Capital Corp. on Golden Goliath's Corona and Chamizal properties. Under the terms of the agreement Comstock Capital has the right to earn a 60% interest in the Corona property, which lies in the northwest corner of the Uruachic mining camp in Chihuahua's Sierra Madre Occidental mountain range. In order to exercise the Corona Option, Comstock Capital must spend $500,000 in work expenditures on the Corona Property over a period of three (3) years or less, of which at least $200,000 much be spent within one year of the date of the agreement, and also issue a total of 300,000 shares to Golden Goliath once the company goes public over three (3) years. 50,000 shares to be issued on listing on a stock exchange, 100,000 shares on the date which is 12 months after the date of listing and 150,000 shares on the date which is 24 months after listing. Once Comstock Capital has earned its interest a joint venture will be formed.
The agreement also grants Comstock Capital the right to earn a 60% interest in Golden Goliath's Chamizal property, which lies in central Chihuahua, approximately 80 kilometres west of the famous Naica Pb-Zn-Ag mine, and about 80 kilometres southwest of the famous Santa Eulalia Pb-Zn-Ag mine. In order to exercise the El Chamizal Option, Comstock Capital shall spend $200,000 in work expenditures on the El Chamizal Property over a period of three (3) years or less and also issue a total of 150,000 shares to Golden Goliath once the company goes public over three (3) years. 25,000 shares to be issued on listing on a stock exchange, 50,000 shares on the date which is 12 months after the date of listing and 75,000 shares on the date which is 24 months after listing. Once Comstock Capital has earned its interest a joint venture will be formed.
The Corona Property is at the western edge of the Uruachic Camp and the Chamizal Property is separate from the Uruachic Camp. The option of these properties will allow Golden Goliath to focus its efforts on the central portion of its Uruachic Camp. During 2002 and 2003, Golden Goliath completed 59 reverse circular drill holes on the Corona Property. This work was successful in outlining the Northeast Zone, which covers an area of widespread gold mineralization and currently consists of an area of 400 by 700 meters in size. The zone remains open in several directions. The Company has not conducted an extensive work program on its Chamizal Property.
ON BEHALF OF GOLDEN GOLIATH RESOURCES LTD.
J. Paul Sorbara, M.Sc., P.Geo.
President
The TSX Venture Exchange has not reviewed and does not approve or
disapprove the adequacy or accuracy of this release.