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San Gold Completes Acquisition of Atikwa Claims
San Gold Completes Acquisition of Atikwa Claims.
About this update from San Gold Corporation
[{"type":"text","content":"\n \n \n San Gold Completes Acquisition of Atikwa Claims\n \n \nSan Gold Completes Acquisition of Atikwa Claims\n \n WINNIPEG, MANITOBA--(Marketwired - Dec 20, 2013) - San Gold Corporation (TSX:SGR)(OTCQX:SGRCF) (\"San Gold\") today announced that it has closed its acquisition of a 100% interest in 49 mineral claims (the \"Mineral Claims\") in the Atikwa and Turtlepond regions located northeast of Rainy River, Ontario from Canadian Arrow Mines Limited (\"Canadian Arrow\"). The Mineral Claims are contiguous with and surround San Gold's Atikwa Project which includes the past producing Maybrun copper-gold mine previously acquired from Opawica Explorations Inc. As consideration for the Mineral Claims, San Gold issued to Canadian Arrow 1,750,000 common shares of San Gold and paid Canadian Arrow $150,000 in cash.\nSan Gold and Canadian Arrow were parties to an option agreement dated June 25, 2012 (the \"Option Agreement\") pursuant to which San Gold held an option to acquire an 80% interest in all precious metals, including but not limited to gold and silver but specifically excluding platinum and palladium, on the Mineral Claims as well as certain other mineral claims in consideration for undertaking certain exploration expenditures on the Mineral Claims and the purchase of certain securities of Canadian Arrow. The Purchase Agreement has replaced the Option Agreement and the Option Agreement is no longer of any force or effect.\nPursuant to the Option Agreement, San Gold would have been required to spend an additional $1,250,000 in order to earn its 80% interest in the precious metals on the Mineral Claims as well as on certain other mineral claims. Pursuant to the Purchase Agreement, San Gold acquired a 100% interest in the Mineral Claims, thereby retaining the value of all previous work commitments while significantly reducing future work commitments for the next three years and conserving cash.\nThe purchase of the Mineral Claims is subject to the approval of the Toronto Stock Exchange. \nAbout San Gold\nSan Gold is an established Canadian gold producer, explorer, and developer that owns and operates the Rice Lake Mining Complex near Bissett, Manitoba. San Gold employs more than 420 people and is committed to the highest standards of safety and environmental stewardship. San Gold is listed on the Toronto Stock Exchange under the s...