Business
Pinnacle buys gold assets from Tenajon - Acquires balance of Kansas & past producer Summit Lake
Trading Symbols: TSX.V-PNL and O7M - Frankfurt Stock Exchange VANCOUVER, April 21 /CNW/ - Pinnacl...
About this update from Jayden Resources Inc
[{"type":"text","content":"\n\n\n\nTrading Symbols: TSX.V-PNL\n\n\nand O7M - Frankfurt Stock Exchange\n\n\nVANCOUVER, April 21 /CNW/ - Pinnacle Mines Ltd. (PNL-TSX.V) ("Pinnacle")\nis pleased to announce that it has entered into a binding letter agreement\n(the "Letter Agreement") whereby Pinnacle will purchase Tenajon Resources\nCorp.'s ("Tenajon") wholly owned subsidiary, 0781639 B.C. Ltd. (the\n"Corporation"), which holds an undivided 40% ownership interest in and to the\nKansas Claim and a 100% ownership interest in and to the Summit Lake property.\nPinnacle has agreed to purchase the Corporation for an aggregate deemed\npurchase price of approximately $3,015,000 (the "Acquisition"), subject to an\nadjustment as a result of certain events occurring before December 31, 2008.\nThe Kansas Claim and the Summit Lake property are both located near Stewart,\nBritish Columbia. Upon completion of the Acquisition, Pinnacle will own an\nundivided (70.6%) interest in and to the Kansas Claim and 100% of the Summit\nLake Property. The remaining (29.4%) undivided interest in the Kansas Claim is\nowned by Mountain Boy Minerals Ltd.\n\n\nBased on a NI 43-101 compliant Technical Report on the Silver Coin\nProperty (which encompasses the Kansas Claim) prepared by Minefill Services,\nInc. of Seattle, WA in April 2007, upon completion of the purchase, Pinnacle\nwill have control over 70.6% of 364,307 ounces of gold resources in the\nmeasured and indicated category plus 719,599 ounces of gold resources in the\ninferred category on the Kansas Claim alone and now own 100% of the past\nproducing Summit Lake gold property.\n\n\nOn the entire Silver Coin property, upon completion of the purchase,\nPinnacle will control approximately 67.8% of 423,003 ounces of gold resources\nin the measured and indicated category plus approximately 65.8% of 947,988\nounces gold resources in the inferred category. "This acquisition makes\nPinnacle one of the most dominant gold exploration companies in the prolific\nStewart Camp," said Paul Saxton, President and CEO of Pinnacle.\n\n\nTenajon shareholders shall receive approximately one share of Pinnacle\nfor each 4.13 shares of Tenajon which they hold based on the current number of\nTenajon shares issued and outstanding. The number of shares to be distributed\nwill be subject to an adjus...