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Transition Enters into Binding Letter of Intent to Option Gowganda Gold Project to Aldershot Resources
Transition Enters into Binding Letter of Intent to Option Gowganda Gold Project to Aldersh...
About this update from Transition Metals Corp.
[{"type":"text","content":"\n\n\n\nTransition Enters into Binding Letter of Intent to Option Gowganda Gold Project to Aldershot Resources\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nTransition Enters into Binding Letter of Intent to Option Gowganda Gold Project to Aldershot Resources\nCanada NewsWire\nSUDBURY, ON, April 26, 2016\n\n\n\nSUDBURY, ON, April 26, 2016 /CNW/ - Transition Metals Corp. (XTM – TSX.V) (\"Transition\" or \"the Company\"), is pleased to announce that it has executed a binding letter of intent to enter into an Option and Joint Venture Agreement with Aldershot Resources Ltd. (ALZ.H – TMX NEX) (\"Aldershot\") whereby Aldershot can earn a 51% interest and up to a 75% interest in the Company's Gowganda Gold project area located 75 kilometres southwest of Kirkland Lake. The project hosts the Haultain Gold discovery, a zone of widespread alteration and gold mineralization associated with a suite of syenitic intrusions and structures discovered by Transition in 2010.  The mineralization and geologic framework bears many similarities to other significant gold deposits exploited elsewhere throughout the Abitibi Greenstone Belt.\n\nTo earn a 51% interest in the Property, Aldershot, within 75 days must enter into an Option and Joint Venture Agreement with Transition that commits to funding $400,000 in exploration expenditures in year one and an aggregate of $2.0 million over 3 years. In addition, Aldershot must issue shares valued at $200,000  on the first anniversary and shares valued at $250,000 on the third anniversary of the Option and Joint Venture Agreement, with the value of the stock to be based upon the 20 day volume weighed average price.  Upon earning a 51% interest, Aldershot may opt to acquire an additional 24% interest in the Claims (for a total of 75%) by committing to completing a Bankable Feasibility Study. In consideration for entering into the binding letter of intent, Aldershot has agreed to issue the Company, subject to regulatory approval, 1,000,000 common shares.\n\nDuring the term of the Option, Transition would serve as progr...