|
|
 |
News Releases
| | December 11, 2009
JOINT VENTURE - Kootenay Options the Deer Creek Property
|
| | Vancouver, B.C. - Kootenay Gold Inc. TSX.V: KTN ("Kootenay") is pleased to announce it has entered into an option agreement with Northern Vertex Capital Corp. ("Northern Vertex") (NNE.P-TSX.V) whereby Kootenay grants Northern Vertex the right to earn a 60% undivided interest in the Deer Creek Gold Property located in the West Kootenay region of southern British Columbia. To fulfill the terms of the option agreement Northern Vertex must spend $1 million on exploration over five years and issue up to 400,000 shares with 100,000 issuable on TSX Venture Exchange approval and the balance over a three year period. Should the property go into commercial production Kootenay will receive an additional 250,000 shares of Northern Vertex. Subsequent to exercise of the earn-in, Northern Vertex and Kootenay will form a 60/40 joint venture. Funding of further work on the Deer Creek Property will be on a proportional basis under the direction of a management committee with voting rights proportional to ownership percentage. Either party may be diluted on the basis of a standard formula if they do not contribute to the planned programs.
Geological Information
All samples reported above are grab samples. All analysis were conducted by Acme Laboratories using an Agua Regia ICP-MS analysis with Fire Assay Fusion Gold by ICP-ES.
The foregoing geological disclosure has been reviewed and verified by Kootenay's CEO, James McDonald, P.Geo (a qualified person for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects). Mr. McDonald is a director of the Company.
About Kootenay
Kootenay is an emerging exploration Company actively developing mineral projects in the Sierra Madre Region of Mexico and in British Columbia, Canada. The Company's top priority remains the ongoing development of its Promontorio Silver project in Sonora State, northwest Mexico, which encompasses the former producing Promontorio Silver Mine.
-30-
For additional information, please contact:
James McDonald, CEO and President at 403-238-6986
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. 2009 number 18 |
| |
| | You can view the Next News Releases item: Sat Dec 12, 2009, Astral to acquire a 100% interest in Jumping Josephine Kootenay to Receive 4,000,000 Shares of Astral
You can view the Previous News Releases item: Thu Dec 10, 2009, <html><FONT COLOR="0066CC"><b>JOINT VENTURE - </b></font></html>Kootenay and Arctic Hunter enter into Option Agreement to Drill the Santa Lucia Gold Property in Mexico
You can return to the main News Releases page, or press the Back button on your browser.
|
|
