Business
Pinnacle Closes Agreement to Acquire up to 80% of the Silver Coin Gold Deposit near Stewart, B.C.
VANCOUVER, July 20 /CNW/ - Pinnacle Mines Ltd. (TSX-V: PNL, "Pinnacle") and Mountain Boy Minerals...
About this update from Jayden Resources Inc
[{"type":"text","content":"\n\n\n\nVANCOUVER, July 20 /CNW/ - Pinnacle Mines Ltd. (TSX-V: PNL, "Pinnacle")\nand Mountain Boy Minerals Ltd. (TSX-V: MTB, "Mountain Boy") have finalized a\nformal agreement whereby Pinnacle has increased its interest in the Silver\nCoin gold deposit to 70% for $440,000 cash. Pinnacle can further increase its\ninterest in Silver Coin to 80% after spending an additional $4,000,000 on\nexploration expenditures advancing the project.\n\n\nAs part of the agreement, Pinnacle was also granted the exclusive right\nto manage the project through feasibility as well as being granted by Mountain\nBoy an irrevocable right to negotiate on behalf of the parties the 100% sale\nof the property's interests to a major should this option present itself and\nprove beneficial to the companies.\n\n\nThe acquisition by Pinnacle represents a significant turning point in the\nevolution of the Silver Coin project, which, since its initial discovery, has\nhad diversified ownership. In 2008, Pinnacle took the first step in\nconsolidating the property by acquiring Tenajon Resource Corp.'s interest in\nthe project. Pinnacle management feel the further consolidation of ownership\nnot only provides Pinnacle with more flexibility in orchestrating the\nproject's advancement, but it also sends a clear message to the market that\none company can now determine the future and direction of the project.\n\n\nBackground\n\n\nThe Silver Coin project is located in the emerging Stewart District where\nnumerous companies are currently exploring for, and drilling, for precious and\nbase metals deposits. A long history of exploration at Silver Coin has seen\nvarious drill and underground exploration campaigns, including the 2008 drill\nprogram which consisted of 88 surface diamond drill holes totaling 12,200\nmeters.\n\n\nThe results from the 2008 program continue to build on the size and\nsignificance of earlier Silver Coin drill results. Drilled widths of up to\n54.87 meters grading 4.45 gpt gold and 77.72 meters grading 2.41 gold are\nincluded in the results. Much higher grades were intersected over narrower\nwidths such as: 4.57 meters grading 15.57 gpt gold; 1.52 meters grading 15.01\ngpt gold; 6.09 meters grading 9.0 gpt gold; 12.19 meters grading 12.66 gpt\ngold; 42.37 meter grading 6.26 gpt gold; 45.72 meters grading 3.78 gpt gold,\netc.\n\n\nSi...