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GFK Options Three Gold Properties in Chibougamau-Chapais and Urban-Barry Areas, Quebec
UPPER TANTALLON, NOVA SCOTIA and MONTREAL, QUEBEC--(Marketwired - June 27, 2016) - GFK Resources Inc. (the "Company" or "GFK") - (TSX VENTURE:GFK), is pleased t
About this update from Opus One Gold Corporation
[{"type":"text","content":"UPPER TANTALLON, NOVA SCOTIA and MONTREAL, QUEBEC--(Marketwired - June 27, 2016) - GFK Resources Inc. (the \"Company\" or \"GFK\") - (TSX VENTURE:GFK), is pleased to announce that it has entered into three separate option agreements (the \"Agreements\") with various prospectors (collectively, the \"Optionors\") all dealing at arm's length with the Company and Quebec based. Pursuant to the Agreements which are summarized below, GFK has acquired an exclusive option to earn up to a 100% interest in the following claim blocks: • Win Win Property Option 70 claims over 81 square kilometers • Grizzly Property Option 136 claims over 150 square kilometers • Fecteau Property Option 88 claims over 52 square kilometers The claims are located in the Chibougamau-Chapais and Urban-Barry mining camps (collectively, the \"Properties\") where previous exploration has identified several gold occurrences, and multiple showings located in sub-croppings area. The Company's initial plans include trenching and stripping, followed by drilling which is planned to commence this summer. An initial 1,000 m drilling program is also scheduled for this fall. Under the terms of the Agreements, GFK has the option to acquire an initial 100% interest in each property on the following terms and conditions: WinWin Cash payments over a 4 year period totalling $500,000, including an initial payment to the Optionors of $35,000; Incurring exploration expenditures totaling $2,000,000 over a 4 year period. Grizzly Cash payments over a 4 year period totalling $400,000, including an initial payment to the Optionors $30,000; Incurring exploration expenditures totaling $1,500,000 over a 4 year period. Fecteau Cash payments over a 4 year period totalling $355,000, including an initial payment to the Optionors $25,000; Incurring exploration expenditures totaling $1,200,000 over a 4 year period. The closing of the transactions is subject to the execution of definitive option agreements on all three Properties. A description of each Property follows: WinWin is a gold property which consists of 71 mining claims covering an area of 3,570 hectares located approximately 30 kilometres South of the town of Chapais. The Property is directly adjacent to the North frontier of IAMGOLD/ Tomagold Monster Lake property and covers a six kilometers strike length of the Monster Lake Deformation ...