MONTREAL, Sept. 3 /CNW Telbec/ - Golden Goose Resources Inc. (TSX-V: GGR) (the "Company") is pleased to report that it has entered into an agreement for the purchase of 205 mining claims covering 108 km2 in the area surrounding the Lac Levac property. This arm's length acquisition will double the Company's land position at its Lac Levac property in the James Bay area of northern Quebec to 200 km2, thereby gaining access to multiple new potential nickel targets.
The claims were acquired for a consideration of $250,000, to be paid as to $25,000 in cash and as to $225,000, by the issuance of 409,090 treasury common shares of the Company at the agreed upon price per share of $0.55. All shares will be subject to a four-month hold period from the date of closing and half of these shares will be further subject to a contractual resale restriction of one year from the date of closing. In addition, the Company has agreed to grant to the sellers a 1% net smelter return (NSR) royalty from the production of any mineral derived from any mine located on the area covered by the purchased claims. The transaction is subject to the approval of the TSX Venture Exchange, completion of satisfactory due diligence by the Company and registration of the purchased claims under the name of the Company in the public register. Closing is expected in early October. No finder's fee or brokerage commission is payable with respect to this transaction.
The Lac Levac property hosts the NISK-1 deposit, which lies in an intrusive body. A 43-101 resource estimate completed earlier this year (see press release dated May 7, 2008) showed that the NISK-1 deposit contains measured and indicated resources of 2.1 million tonnes grading 1.1% nickel, 0.56% copper, 0.07% cobalt, 0.21 g/t platinum and 1.11 g/t palladium, along with an additional 1.0 million tonnes of inferred resources at the same grades. Other intrusive bodies that could provide additional ore for a future operation are known to occur throughout the area. The Company plans to begin testing other intrusives on the property later this year.
The Lac Levac property lies 200 km east of James Bay, 216 km north of Chibougamau. The property is easily accessible by the extensive road network that serves the power projects. It lies less than four kilometres from Hydro-Quebec's Albanel substation and 35 km east of the Nemiscau airport.
ABOUT GOLDEN GOOSE RESOURCES
Golden Goose Resources Inc. is a Canadian public company listed on the TSX Venture Exchange under the symbol GGR. The Company is principally engaged in mineral exploration and acquisition and has a portfolio of gold and nickel-platinum group metals properties in Ontario and Quebec.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.