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New Cantech options 70% of Ted claims from Tournigan
2007-05-11 18:55 ET - News Release
See News Release (C-NCV) New Cantech Ventures Inc
Mr. James Jacuta of New Cantech reports
CLOSING OF OPTION AGREEMENT TO ACQUIRE 70% INTEREST IN TOURNIGAN GOLD CORPORATION'S CLAIMS NEAR THE HUCKLEBERRY MINE PREVIOUSLY ANNOUNCED ON FEBRUARY 5, 2007
The TSX Venture Exchange has approved New Cantech Ventures Inc.'s option agreement with Tournigan Gold Corp., whereby Cantech can acquire a 70-per-cent interest in Tournigan's Ted 1-4 claims. The option agreement consolidates Cantech's present Sweeney Lake property mineralholdings between Cantech's Sweeney 1-4 claims and Cantech's other mineral claim immediately northwest of the Sweeney claims and contiguous to the Tournigan claims.
The Tournigan claims cover approximately 1,500 hectares on the north side of Huckleberry Mountain. The centre of the claim block is located three kilometres due north of the Huckleberry mine east zone pit. Huckleberry is a 19,000-ton-per-day producing copper-molybdenum mine owned by Imperial Metals and a Japanese consortium. The Tournigan claims cover a number of breccia-hosted copper showings that occur on the north slope of Huckleberry Mountain. The Tournigan property, which is road accessible, surrounds Cantech's Sweeney 1-4 claims. A strong coincident copper and molybdenum soil anomaly occurs in a low-lying part of Cantech's Sweeney Lake property and may extend eastward onto the Tournigan property as well. The source of this anomaly has not yet been determined. Cantech is currently planning a work program for the Sweeney and Ted claims that will involve line cutting, geophysical and geochemical surveys, and, if warranted, diamond drilling. Before work begins on the property, Cantech will consult with local first nations in order to identify any issues that may be of concern to them.
Under the terms of the option agreement with Tournigan, Cantech has an option to acquire a 70-per-cent interest in the property, exercisable by:
paying $25,000 within 10 business days of the TSX Venture Exchange approval date;
issuing and delivering 500,000 shares of Cantech over a five-year period, of which 50,000 shares are to be issued within 10 business days of the TSX Venture Exchange approval date; and
incurring exploration expense of $300,000 over a five-year period, of which at least $50,000 is to be incurred within one year of the TSX Venture Exchange approval date.
Following the exercise of the 70-per-cent option, Tournigan is to elect one of the following:
enter into a 70/30 joint venture with Cantech;
take a 10-per-cent carried interest; or
take a 2-per-cent net smelter return royalty (none of the three alternatives allow Tournigan to acquire any interest in Cantech's existing two claim blocks).
If Tournigan elects to take the 2-per-cent NSR royalty in lieu of the 30-per-cent joint venture interest, then Cantech has the right at any time to purchase one-half of the NSR royalty by paying to Tournigan the sum of $1-million and at any time the balance of the NSR royalty for a further $1-million. All shares issued under the terms of the option agreement will be subject to a hold period expiring four months from the date of issuance. The 50,000 shares that were issued on May 11, 2007, not be traded until Sept. 12, 2007.
Qualified person
Dr. Donald G. MacIntyre, PEng, a qualified person under National Instrument 43-101, will be supervising Cantech's 2007 program on the Sweeney Lake property, and has reviewed and approved this news release. |
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