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Nexus Gold Signs Letter Of Intent to Acquire Rakounga Gold Concession, 250 Sq Km Contiguous to the Company's Bouboulou Project
(via TheNewswire) Vancouver, Canada / TheNewswire / July ...
About this update from Nexus Gold Corp.
[{"type":"text","content":"Nexus Gold Signs Letter Of Intent to Acquire Rakounga Gold Concession, 250 Sq Km Contiguous to the Company's Bouboulou Project(via TheNewswire)\n \n \n\n\n\n \nVancouver, Canada / TheNewswire / July 11, 2017 - Nexus Gold Corp. (\"Nexus\" or the \"Company\") (TSX-V: NXS, OTC: NXXGF, FSE: N6E) is pleased to announce that it has entered a letter of intent with BELEMYIDA SA (the \"Optionor\"), pursuant to which Nexus will acquire the right to earn up to 100% interest in the Rakounga Gold Property (the \"Property\") located in Burkina Faso, West Africa.\n\n\n \nThe 250-square kilometre Rakounga Gold Property is contiguous to the Company's Bouboulou gold concession. The Property borders Bouboulou on the west and south sides and hosts the Bouboulou 1 gold showing, which is the southern extension of the Bouboulou 2 trend. Bouboulou 1 is an active orpaillage with shaft workings that extend down approximately 80 metres.\n\n\n \nNexus will have an option to acquire a 90% interest in the Property, in consideration for cash payments of US$400,000 and the issuance of 575,000 common shares of Nexus, over a period of three years, broken down as follows:\n\n\n \n\n\n- US $ 10,000 (ten thousand) and 25,000 shares of the Company upon signing of a definitive agreement.\n\n\n\n- US $ 15,000 (fifteen thousand) and 50,000 shares of the Company not later than the first anniversary of the definitive agreement.\n\n\n\n- US $ 125,000 (one hundred and twenty-five thousand) and 200,000 shares not later than the second anniversary of the definitive agreement.\n\n\n\n- US $ 250,000 (two hundred and fifty thousand) and 300,000 shares on or before the third anniversary of the definitive agreement.\n\n\n\n \n \nFollowing the acquisition of a 90% interest in the Property, Nexus will have the option to acquire the remaining 10% interest in the Property through a cash payment of US$1,000,000 with a 1% net smelter return royalty remaining with the Optionor.\n\n\n \n\"This is a substantial addition to the land package at Bouboulou, effectively making the project almost 300 sq-km in size. The acquisition allows us to follow the Bouboulou 2 and Pelatanga-Rawema trends to the southwest,\" said President & CEO Peter Berdusco. \"This addition is important when you consider how this might influence the goal of establishing a resource at Bouboulou. There is significant ...