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Citadel Gold Mines Inc. and Trelawney Resources Inc. announce signing of option agreement on Sudbury base metal property
Citadel Gold Mines Inc. and Trelawney Resources Inc. announce signing of option agreement on Sudbury base metal property.
About this update from Omai Gold Mines Corp.
[{"type":"text","content":"\n\n\n\nTORONTO, Jan. 31 /CNW/ - CITADEL GOLD MINES INC. (CGM.H: NEX Exchange),\nTRELAWNEY RESOURCES INC. (TRR-TSXV). Further to Citadel's announcement of\nNovember 2, 2006, Citadel Gold Mines Inc. and Trelawney Resources Inc.\n(formerly Terex Resources Inc.), announced today that they have entered into a\nformal option agreement whereby Citadel can earn up to a 75% interest in the\nMassey property located in Salter Township, Ontario, about 100 km west of\nSudbury.\n\n\nThe property consists of about 2,000 acres covering three former\ncopper-producing mines: the Massey mine, the Hermina number 1 mine, and the\nHermina number 3 mine.\n\n\nCitadel will have the right to earn an initial 51% interest in the Massey\nproperty by issuing 1,150,000 common shares, by making cash payments to\nTrelawney totalling $260,000 and by incurring an aggregate of $1,200,000 in\nexploration and development expenditures on the property over five (5) years.\nCitadel will have the right to earn a further 24% interest by completing a\nfeasibility study.\n\n\nOn completion of Citadel's option, a joint venture will be formed between\nCitadel and Trelawney on either a 51-49 or 75-25 basis, respectively, to\nfurther develop the property.\n\n\nCitadel and Trelawney are excited about the potential for the Massey\nproperty and look forward to partnering to maximize this site's base metal\npotential.\n\n\nThe statements used in this press release may contain forward-looking\nstatements that may involve a number of risks and uncertainties. Actual events\nor results could differ materially from the Company's forward-looking\nstatements and expectations.\n\n\n","length":1695,"tagName":"div"}]