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Canada Gold Signs Letter of Intent for Tanzanian Project #3; Amends Letter of Intent for Project #2 Increasing Land Position to 1,992 km2 Over 12 Prospecting Licenses in Northeastern Tanzania
(via Thenewswire.ca) Vancouver, British Columbia, Canada - December 7, 2011 - Canada Gold Cor...
About this update from South Star Battery Metals Corp
[{"type":"text","content":"\nCanada Gold Signs Letter of Intent for Tanzanian Project #3; Amends Letter of Intent for Project #2 Increasing Land Position to 1,992 km2 Over 12 Prospecting Licenses in Northeastern Tanzania\n\n(via Thenewswire.ca)\n\n \nVancouver, British Columbia, Canada - December 7, 2011 - Canada Gold\nCorporation (TSX-V: CI, Frankfurt: T9N, OTC-BB: CNGZF) (\"Canada\nGold\" or the \"Company\") announces that it has entered\ninto a third Letter of Intent for Project #3 to acquire a 100%\ninterest in one prospecting license comprising 30.69 km2,\napproximately 25 kilometers west of Canaco Resource Inc.'s\n(\"Canaco\") Magambazi Hill discovery area, and adjacent to\nDouglas Lake's Handeni gold project. In addition, Canada Gold has\namended the letter of intent for Project #2, dropping 2 licenses\ntotaling 55.23 km2, southeast of Canaco and adding 2 licenses totaling\n234.9 km2 to the west of Canaco and contiguous to the Company's\nProject #3. There is no additional consideration for this amendment to\nProject #2 and all compensation remains the same as reported in the\nCompany's news release of November 22, 2011.\n\n\n \nWith these deletions and additions, Canada Gold currently has options\non approximately 1,726.59 km2 contiguous prospecting licenses, located\napproximately 40 kilometers north of Canaco, and will have\napproximately 265.59 km2 contiguous prospecting licenses starting\napproximately 25 kilometers west of Canaco's discovery zone.\n\n\n \nThe consideration for the acquisition of Project #3 is cash payments\ntotaling US $350,000 over 26 months. The vendor retains a 2% net\nsmelter royalty of which 1% can be purchased at any time prior to\ncommercial production for US $1,000,000. There is no share\nconsideration nor is there any work commitments.\n\n\n \n\n --------------------------------------------------------------------\n |Payment Date |US Cash | |\n |------------------------------------------------------------------|\n |Within 7 business days of LOI signing (paid)* |$ 50,000 | |\n |------------------------------------------------------------------|\n |Within 10 business days of TSX-V conditional approval*|$ 50,000 | |\n |------------------------------------------------------------------|\n |Within 10 business days of TSX-V final approval |$ 50,000 | |\n |-------------------------------------------------...