Business
Golden Goose doubles its Lac Levac Land position to 200 km2
MONTREAL, Sept. 3 /CNW Telbec/ - Golden Goose Resources Inc. (TSX-V: GGR) (the "Company") is plea...
About this update from Golden Goose Resources Corp.
[{"type":"text","content":"\n\n\n\nMONTREAL, Sept. 3 /CNW Telbec/ - Golden Goose Resources Inc. (TSX-V: GGR)\n(the "Company") is pleased to report that it has entered into an agreement for\nthe purchase of 205 mining claims covering 108 km2 in the area surrounding the\nLac Levac property. This arm's length acquisition will double the Company's\nland position at its Lac Levac property in the James Bay area of northern\nQuebec to 200 km2, thereby gaining access to multiple new potential nickel\ntargets.\n\n\nThe claims were acquired for a consideration of $250,000, to be paid as\nto $25,000 in cash and as to $225,000, by the issuance of 409,090 treasury\ncommon shares of the Company at the agreed upon price per share of $0.55. All\nshares will be subject to a four-month hold period from the date of closing\nand half of these shares will be further subject to a contractual resale\nrestriction of one year from the date of closing. In addition, the Company has\nagreed to grant to the sellers a 1% net smelter return (NSR) royalty from the\nproduction of any mineral derived from any mine located on the area covered by\nthe purchased claims. The transaction is subject to the approval of the TSX\nVenture Exchange, completion of satisfactory due diligence by the Company and\nregistration of the purchased claims under the name of the Company in the\npublic register. Closing is expected in early October. No finder's fee or\nbrokerage commission is payable with respect to this transaction.\n\n\nThe Lac Levac property hosts the NISK-1 deposit, which lies in an\nintrusive body. A 43-101 resource estimate completed earlier this year (see\npress release dated May 7, 2008) showed that the NISK-1 deposit contains\nmeasured and indicated resources of 2.1 million tonnes grading 1.1% nickel,\n0.56% copper, 0.07% cobalt, 0.21 g/t platinum and 1.11 g/t palladium, along\nwith an additional 1.0 million tonnes of inferred resources at the same\ngrades. Other intrusive bodies that could provide additional ore for a future\noperation are known to occur throughout the area. The Company plans to begin\ntesting other intrusives on the property later this year.\n\n\nThe Lac Levac property lies 200 km east of James Bay, 216 km north of\nChibougamau. The property is easily accessible by the extensive road network\nthat serves the power projects. It lies less than four kilometres ...