Business
Pinnacle to Acquire up to an 80% Interest in the Silver Coin Gold Deposit near Stewart, B.C.
VANCOUVER, June 4 /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, June 4 /CNW/ - Pinnacle Mines Ltd. (TSX-V: PNL, "Pinnacle")\nand Mountain Boy Minerals Ltd. (TSX-V: MTB, "Mountain Boy") are pleased to\nannounce that they have signed a Letter of Intent whereby Pinnacle will take a\ncommanding role in the development of the Silver Coin Gold Deposit located\nnear Stewart, BC.\n\n\nSubject to regulatory approval and the companies finalizing a formal\nagreement, Pinnacle will acquire an immediate 70% interest in the project by\nproviding Mountain Boy with a $440,000 cash payment. Pinnacle can earn an\nadditional 10% of the project after spending $4,000,000 on exploration\nexpenditures.\n\n\nConcurrently, Mountain Boy will grant Pinnacle the exclusive right to\noversee and advance the project as operator through feasibility. Mountain Boy\nwill work together with Pinnacle in an advisory capacity as well as provide\ntheir technical and geological expertise to the exploration programs.\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\nPresently, Pinnacle is carrying out a scoping review which is addressing\ngeological, metallurgical, resource modeling, social, mine planning,\nenvironmental, and economic considerations in order to strengthen the\nfoundations for a feasibility study. This work also entails compiling and\nreviewing geochemistry and geophysics from earlier exploration programs. The\nresulting improved geological understanding will aid in the completion of a 3D\ngeological model and in highlighting new targets for additional resources. As\nthe deposit also remains open at depth and to the north, Pinnacle will conduct\nmore drilling on the property this summer in areas yet undrilled.\n\n\nThis press release was reviewed by Lawrence A. Dick, Ph.D., P.Geo; Chief\nOperating Officer and a Director of Pinnacle...