Business
Gold Port Resources Announces Guyana Property Acquisitions
Symbol: GPO TSX-V VANCOUVER, July 8 /CNW/ - Gold Port Resources Ltd. (The "Company")(TSX-V:GPO) ...
About this update from Lithium South Development Corporation
[{"type":"text","content":"\n\n\n\nSymbol: GPO TSX-V\n\n\nVANCOUVER, July 8 /CNW/ - Gold Port Resources Ltd. (The\n"Company")(TSX-V:GPO) is pleased to announce that it has entered into Two New\nProperty Option Agreements and re-negotiated the Five Stars Property\nAgreement.\n\n\nC-59 Project Optioned\n\n\n---------------------\n\n\nThe Company is pleased to announce it has entered into an Option to\nPurchase the C-59 Project, located in Mining District Number Four, Cuyuni,\nGuyana, South America. The C-59 Project adjoins the Aurora Claim Group and is\nstrategically located approximately 10 kilometers southwest from the main\ndiscovery at Aurora by Guyana Goldfields Ltd. It is also located 10 kilometers\nnorthwest of the main camp established by the Company at its wholly owned\nAkaiwong Project. The project comprises 12,620 acres.\n\n\nThe Correia Mining Company is the owner of the project, with the Guyana\nDiamond Trading Company holding an underlying purchase option on the property.\nGuyana Diamond Trading Company is assigning its rights to acquire the project\nto the Company for the following consideration: A cash payment to Correia\nMining Company of $ U.S. 25,000, and a cash payment to Guyana Diamond Trading\nCompany of $ U.S. 5,000, and the issuance of one million surplus securities to\nGuyana Diamond Trading Company which will be subject to a 5 year escrow\nagreement and a cancellation provision. No shares will be issued out of escrow\nuntil 6 months after closing, at which time 50,000 shares will be released. A\nfurther 5% of the escrowed shares will be released every six months, until\nsuch time as all are released or the project is discontinued. A cash payment\nto Correia Mining Company will be made one year after closing, totaling $ U.S.\n45,000 at which time title to the C-59 Project will be transferred to the\nCompany. Further payments will be due to Guyana Diamond Trading Company of\n$ 35,000 one year after closing, $ U.S. 150,000 two years after closing, and a\nfinal payment of $ U.S. 250,000 three years after closing. Guyana Diamond\nTrading Company will maintain a 2% Net Smelter Royalty which may be purchased\nfor $ U.S. 2,000,000. Terms of the agreement are subject to the approval of\nthe TSX Venture Exchange.\n\n\nC-60 Project Optioned\n\n\n---------------------\n\n\nThe Company is pleased to announce it has also entered into a...