🕐07.04.10 - 18:41 Uhr
Northern Tiger Resources Finalizes Option Agreement on 3Ace Gold Property
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Northern Tiger Resources Finalizes Option Agreement on 3Ace Gold
Property
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April 7, 2010: Northern Tiger Resources Inc.
(NTR: TSX-V) is pleased
to announce that an Option Agreement has been signed for the 3Ace
Property, located in the southeast Yukon, Canada, formalizing the terms
previously outlined in a Letter of Intent (see News Release dated March
5, 2010).
The 3Ace Property is being acquired from Mr.
Alex McMillan (the
"Vendor"), a long standing Yukon prospector, who recently discovered a
quartz vein containing abundant quantities of free gold on the property
(see picture).
Historic work on the property has also identified a
number of large gold-in-soil anomalies that warrant further
exploration.
"We are very pleased to have the definitive agreement signed for the
3Ace Property," says Greg Hayes, President of Northern Tiger Resources.
"We can now turn our attention to planning a program to both evaluate
the existing high grade gold occurrence and also develop a model to
explore for similar occurrences on the property."
The Option Agreement, which is subject to TSX Venture Exchange
approval, provides Northern Tiger with an option to earn a 100%
interest in the property.
To complete the option, Northern Tiger will
be required to make cash payments of $500,000, issue 2,000,000 shares
and incur $700,000 in exploration expenditures, all over a four year
period.
All shares issued shall be subject to resale restrictions
prescribed by applicable securities laws and the polices of the TSX
Venture Exchange.
An annual advance royalty payment of $45,000 will
start on the 5th anniversary of the agreement and continue until the
commencement of commercial production.
The Vendor will retain a 2% net smelter return interest (NSR) on the
property.
If a National Instrument 43-101 compliant resource estimate
in excess of 500,000 ounces of gold at a grade greater than 5 g/t is
defined on the property, the Vendors NSR will increase to 2.5% and
the vendor will receive a bonus payment of $300,000 (in cash or
equivalent Northern Tiger shares).
If a National Instrument 43-101
compliant resource estimate in excess of 1,000,000 ounces of gold at a
grade greater than 5 g/t is defined on the property, the Vendors NSR
will increase to 3.0% and the vendor will receive an additional bonus
payment of $300,000 (in cash or equivalent Northern Tiger shares).
Each 1% of the NSR can be purchased by Northern Tiger for $2,000,000.
Northern Tiger Resources Inc.
is a Canadian-based resource exploration
company focused on gold and copper exploration in the Yukon.
Through
its Dawson Range exploration alliance with Capstone Mining Corp.s
wholly owned subsidiary, Minto Explorations Ltd., Northern Tiger
benefits from a wide range of experience, knowledge and capabilities
from early exploration to mine production.
For further information please contact: Greg Hayes, President and CEO
().
This news release may contain forward looking statements, being
statements which are not historical facts, including, without
limitation, statements regarding potential mineralization, exploration
results, resource or reserve estimates, anticipated production or
results, sales, revenues, costs, "best-efforts" financings or
discussions of future plans and objectives.
There can be no assurance
that such statements will prove accurate.
Such statements are
necessarily based upon a number of estimates and assumptions that are
subject to numerous risks and uncertainties that could cause actual
results and future events to differ materially from those anticipated
or projected.
Important factors that could cause actual results to
differ materially from the Companys expectations are in Company
documents filed from time to time with the TSX Venture Exchange and
provincial securities regulators, most of which are available at
www.sedar.com.
The Company disclaims any intention or obligation to
revise or update such statements.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release
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Copyright (c) 2010 NORTHERN TIGER RESOURCES (NTR) All rights reserved.
For more information visit our website at
http://www.northern-tiger.com/ or send mailto:
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