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Pelangio Exploration Acquires Dome West Property Adjacent to the Dome Mine Property in the Timmins - Porcupine Gold Camp
TORONTO, ON / ACCESSWIRE / January 22, 2019 / Pelangio Exploration Inc. (PX:TSX-V; OTC PINK:P...
About this update from Pelangio Exploration Inc.
[{"type":"text","content":"Pelangio Exploration Acquires Dome West Property Adjacent to the Dome Mine Property in the Timmins - Porcupine Gold CampTORONTO, ON / ACCESSWIRE / January 22, 2019 / Pelangio Exploration Inc. (PX:TSX-V; OTC PINK:PGXPF) (\"Pelangio\" or the \"Company\")is pleased to announceit has entered into an option agreement to acquire a 100% interest in the Dome West property located in Tisdale Township, Timmins Ontario, from Mr. Francois Desrosiers and 6398651 Canada Inc. The Dome West property comprises 10 mining cells covering 56 hectares and is strategically located adjacent to both Goldcorp's Dome Mine property and the former Paymaster Mine property.Highlights of the Dome West property Mineral rights to 10 mining cells covering approximately 56 hectares Located in the Timmins - Porcupine Gold Camp 800 metres west of the Dome Mine open pit Adjacent to both the Dome Mine property and the former Paymaster Mine property\"The Dome West property is a major acquisition for Pelangio. It is located in a geologically significant area just 800 metres from the historic Dome Mine, one of the largest and well-known gold producers in Canada\",commented Ingrid Hibbard, President and CEO of Pelangio. \"Planning is underway for a first-phase diamond drill program to be carried out this winter. The Dome West project complements our recently acquired Dalton project, located 1.5 km west of Goldcorp's Hollinger Mine.\" Terms of the Option Agreement and Work Commitment:In order to acquire a 100% interest in the Dome West property, Pelangio must make the following cash payments and share issuances (33 1/3% to Francois Desrosiers and 66 2/3% to 6398651 Canada Inc.) and complete a total of $750,000 in exploration expenditures in accordance with the following schedule: Share Issuance Cash Payments Work Commitment Year 150,000 shares $15,000 On the date the agreement is accepted by the TSXV $110,000 Before the first anniversary of the acceptance date. 150,000 shares $30,000 On or before the first anniversary of the acceptance date $115,000 Before the second anniversary of acceptance date. 100,000 shares $75,000 On or before the second anniversary of the acceptance date $225,000 Before the third anniversary of acceptance date. 100,000 shares $100,000 On or before the third anniversary of the acceptance date $300,000 Before the fourth anniversary of acceptance date...