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Olympic to acquire two large gold properties in Borden Gold district, Ontario
Announces Name Change to Kapuskasing Gold (TSX-V:  KAP) Appoints veteran On...
About this update from Ophir Metals Corp
[{"type":"text","content":"\n\n\n\nAnnounces Name Change to Kapuskasing Gold (TSX-V:  KAP)\n\n\nAppoints veteran Ontario Geologist as Exploration Manager\n\n\nForms Advisory Board including 2013 Ontario and Quebec \"Prospector of\n the Year\" Winners\n\n\n\n\n\nVANCOUVER, Feb. 28, 2014 /CNW/ - Olympic Resources Ltd. (TSX-V: OLA)\n (the \"Company\" or \"Olympic\") is pleased to announce that the Company\n has, subject to regulatory approved, agreed to acquire the Borden North\n and Rollo gold exploration properties near Chapleau, Ontario. The\n Borden North Property is situated along the southern flank of the\n Kapuskasing Structural Zone approximately 50 km northeast of Probe\n Mines' Borden Gold project. The Rollo Property is situated within the\n Destor-Porcupine Fault Zone, which hosts several million ounce plus\n gold producers in the nearby Timmins camp, and sits between IAMGold's\n Cote Lake gold deposit and the Borden Gold project.\n\n\nProbe Mines' Borden Gold project was discovered in 2010 and as per an\n updated 43-101 mineral resource estimate dated effective March 13, 2012\n prepared by Charley Murahwi, M.Sc., P.Geo., Richard Gowans, P.Eng.,\n Alan J. San Martin, MAusIMM(CP), all independent Qualified Persons, and\n news released on the project in January 2013, now hosts a multi-million\n ounce gold zone. The Probe exploration team, along with prospector Mike\n Tremblay, (see advisory board below), have been recognized with the \"2013 Ontario Prospector Award\" for the\n Borden Gold Discovery, during the OPA recent awards ceremony.\n\n\nBorden Properties Purchase Agreement\nThe Company has agreed to purchase from Mr. Tremblay, and partners\n Jacques Robert and Randall Salo, (the \"vendors\") an undivided 100%\n interest in the Borden North property for a consideration of 600,000\n common shares.  The vendors shall retain a 2% net smelter royalty (NSR)\n interest while the Company retains the option to buy back 1% of the NSR\n for $1,000,000.  The vendors will also be entitled to Bonus Shares of\n the Company equaling $600,000 with the number of shares to be\n calculated based on the volume-weighted average trading price of the\n Company's common shares on the TSX-V for the five-trading-day period\n commencing immediately following the public release of a NI 43-101\n compliant, combined measured and indicated resource of two mill...