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Confederation Minerals Announces Acquisition Significantly Expanding its Land Position in the Red Lake Gold Mining District, Ontario
Vancouver, B.C. / TheNewswire / May 27, 2019 CONFEDERATION MINERALS LTD. (TSX-V: CFM) ("Confederation" or the "Company") is pleased to announce that it has sign
About this update from Renegade Gold Inc.
[{"type":"text","content":"Vancouver, B.C. / TheNewswire / May 27, 2019 CONFEDERATION MINERALS LTD. (TSX-V: CFM) (\"Confederation\" or the \"Company\") is pleased to announce that it has signed a definitive share purchase agreement dated May 27, 2019 (the Agreement\") to acquire a private company whereby Confederation will acquire certain exploration properties to significantly expand its land holdings in the Red Lake Gold Mining District, Ontario. Under the terms of the Agreement between Confederation and the shareholders of 1106877 BC Ltd. (the \"Privco\"), the Company will acquire 100% of the issued and outstanding common of the Privco by issuing 4,500,000 common shares to the shareholders of the Privco. The Privco controls two contiguous properties, consisting of a total of 1,008 claim cells which are located in the Red Mining Lake District of Ontario. The first property consists of 100 cell claims, and is held under an option agreement whereby the Privco can acquire 100%, subject to a 1.5% NSR Royalty, by making cash payments over 5 years totalling $100,000. The second property consists of a total of 908 claim cells, is 100% held by the Privco, and not subject to any cash payments or royalties. These two properties, collectively called the \"Leo Property\" (the \"Property\") are located 35 kilometers south of Red Lake and 15 kilometers south of Great Bear`s Dixie Lake discovery. Access to the Property is via highways from major towns and cities into the area and then an extensive network of logging roads throughout the property itself. The Leo Property covers an area of 207 square kilometers (20,700 hectares / 51,150 acres). \"We are very excited in making this acquisition\" commented David Velisek, President & CEO of Confederation Minerals. \"This acquisition significantly increases our land position and our exploration potential in the Red Lake Gold Mining District. It is a great addition to our existing Red Lake properties that include our Newman Todd Property, the exploration of which to date has demonstrated great promise for our shareholders. The fact that we were able to acquire such a large land position in a highly prospective area, with little or no underlying obligations or royalties, I believe will help us build a stronger foundation for our company\" The Property is underlain by the English River subprovince, an east-west trending be...