Threegold Announces Completion of Share Distribution by Dianor and Options to Acquire two Exploration Properties in Quebec (2006-07-14)
VAL-D'OR, QUEBEC--(CCNMatthews - July 14, 2006) - Threegold Resources Inc. (TSX VENTURE:THG) announces that Dianor Resources Inc. has completed the distribution to Dianor's shareholders of an aggregate of 5,943,876 common shares of Threegold held by Dianor. As a result of the share distribution, Dianor's shareholders hold, in the aggregate, 61.7% of Threegold's 9,636,058 issued and outstanding common shares, while Dianor continues to hold 1,796,134 Threegold shares, or 18.6% of Threegold's outstanding shares.
Acquisition of Frotet-Robert Property
Threegold is also pleased to announce that it has entered into an option agreement to acquire the Frotet - Robert Property located north of the town of Chibougamau, Quebec. The Frotet - Robert Property is comprised of five designated claims covering 816.5 hectares in 32J15 NTS Map Sheet. The vendor of the property discovered a copper/zinc/gold/silver mineralized zone at the contact between mafic volcanics and a gabbro intrusive. The mineralization was described as Besshi-type by Alain J. Beauregard of Geologica Groupe-Conseil Inc. in an independent technical report prepared in accordance with National Instrument 43-101. Surface grab samples from the main zone assayed 5.32% copper, 1.67% zinc, 24.6 ppm silver and 0.227 ppm gold and 0.94% copper, 979 ppm zinc 6.2 ppm silver and 2.5 ppm gold.
Under the option agreement, Threegold can earn a 100% interest in the Frotet - Robert Property by making a cash payment of $5,000 and issuing 100,000 common shares to the vendor at signing, issuing an additional 100,000 common shares to the vendor on the first anniversary of the signing of the option agreement, and incurring $50,000 in exploration expenditures on the property by the first anniversary of the signature of the option agreement and an additional $100,000 by the second anniversary. The vendor of the property will retain a 2% net smelter return royalty (NSR), half of which may be bought back by Threegold for $1,000,000. The vendor will also be entitled to receive 250,000 additional common shares of Threegold as a bonus if the Frotet - Robert Property reaches the production stage. The option agreement is subject to regulatory approval.
Acquisition of the Gasse - Lemieux Property
Threegold announces that it has also entered into a letter agreement under which it can acquire the Gasse - Lemieux Property located in the Gaspesie Region of Quebec. The property is immediately adjacent to Threegold's Vital Property, thereby increasing the Company's land position to 2,546.6 hectares on the Lemieux domal structure. The Lemieux Dome is a sub-circular structure where numerous lead-zinc and copper occurrences are found. The area remains relatively unexplored.
Under the agreement, Threegold can earn a 100% interest in the Gasse - Lemieux Property by making a cash payment of $20,000 and issuing 100,000 common shares to the vendor at signing, issuing 100,000 additional common shares on each of the first and second anniversaries of the signing of the letter agreement, and incurring $30,000 in exploration expenditures on the property by the first anniversary of signing, and an additional $70,000 by the second or third anniversary. The vendor will retain a 1% net smelter return royalty (NSR), that can be bought back by Threegold for $1,000,000. The vendor will also be entitled to receive 500,000 additional common shares of Threegold as a bonus if the Gasse - Lemieux Property reaches the production stage. The letter agreement is subject to regulatory approval.
Threegold is a new and innovative mineral exploration company focused on the exploration for gold and base metals in the Province of Quebec. The Company is now embarking on its first field season with exploration planned on the Lemieux Dome situated on its Vital Property for copper, on the Adanac Property for gold and on the Frotet - Robert Property for copper, zinc and precious metals. The field work will assist in establishing priorities for future exploration through systematic geological, geophysical and geochemical surveys.
Threegold's common shares are listed on the TSX Venture Exchange under the symbol "THG".
For further information, please contact:
Antoine Fournier, P.Geo.
Threegold Resources Inc
Tel.: (819) 825-3883
Fax: (819) 825-7545
Octavio Soares, FCA
Chief Financial Officer
Threegold Resources Inc
Tel.: (418) 999-8811
Fax: (418) 652-8149
S.D.N.L. Financial Communications
Tel: (514) 380-5610
You can also visit our website: threegold.ca
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
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