Business
Pinnacle Options Surprise Creek
Pinnacle Options Surprise Creek
About this update from Jayden Resources Inc
[{"type":"text","content":"\nPinnacle Options Surprise Creek\n\n\n May 26, 2010 (TheNewswire.ca) -- Vancouver, B.C., May 26, 2010; Pinnacle Mines Ltd. (TSXV:PNL) (TSXV: PNL; \"Pinnacle\" or the \"Company\") is pleased to announce that it has entered into an option agreement (the \"Agreement\") with Great Bear Resources Ltd. (CNQ:GBR) (CNSX:GBR; \"Great Bear\") whereby Pinnacle has granted Great Bear an option to earn a 100% interest in the Company's wholly-owned Surprise Creek Property located in the Skeena Mining Division near Stewart, British Columbia.Under the terms of the Agreement, Great Bear will pay $150,000 and issue 700,000 common shares to Pinnacle with the shares being issued in stages over 2 years from the effective date of the Agreement. Further, Pinnacle will retain a royalty (the \"Royalty\") on the property equal to 1% of the Net Smelter Returns upon commencement of commercial production should Surprise Creek be developed into a producing mine. Great Bear will be granted the right and option to purchase the Royalty at any time for $1,000,000 (Canadian funds). The Agreement is subject to Great Bear receiving regulatory approval for the transaction.With the Company focusing its current and future efforts on its Silver Coin gold project, also near Stewart, management felt the Agreement with Great Bear at this time brought immediate and future value to the Company and its shareholders as intentions to explore the property were not in the Company's near-term business plan.For further information contact Mike Thast at 604.688.9588 or visit Pinnacle's website at www.pinnaclemines.com.On Behalf of the Board:Lawrence A. Dick, Ph.D., P.GeoPresident & CEONeither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of theTSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Copyright (c) 2010 Thenewswire.ca - All rights reserved.\n\n\n\n","length":2163,"tagName":"div"}]