PilaGold Announces Option Agreement Over San Ramon Project in Nicaragua.VANCOUVER, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography -- PilaGold Inc. ("PilaGold") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:PRI PRI: see Institutional Revolutionary party. (Primary Rate Interface) An ISDN service that provides 23 64 Kbps B (Bearer) channels and one 64 Kbps D (Data) channel (23B+D), which is equivalent to the 24 channels of a T1 line. ) is pleased to announce that it has negotiated the general terms of an option agreement with Coastport Capital Inc. ("Coastport"), over the San Ramon San Ramon (Spanish for "Saint Raymond") may refer to one of the following places:
Under the terms of the option agreement, Coastport will have the exclusive right to acquire from PilaGold an undivided UNDIVIDED. That which is held by the same title by two or more persons, whether their rights are equal, as to value or quantity, or unequal. 2. Tenants in common, joint-tenants, and partners, hold an undivided right in their respective properties, until 50-per-cent legal and beneficial interest in the property in consideration of Coastport incurring the following exploration expenditures on the property: (a) at least US$1-million by December 31, 2005; and (b) an aggregate of at least US$2-million by July 1, 2006. The granting of the option is subject to Coastport raising a minimum of $500,000 Cdn prior to the closing of the transaction to ensure that sufficient funds will be available to carry out exploration on the property. A formal option agreement is currently being prepared. PilaGold's interest in the property is through an option agreement with the land owner whereby PilaGold has the right to acquire a 70% interest in the property by making cash payments totaling approximately US$350,000 and spending US$2-million in exploration expenditures on the property over a three-year period. After earning-in the landowner will have 90 days to decide to retain a 30-per-cent interest or to convert that interest into a 4-per-cent NSR NSR abbr. normal sinus rhythm NSR Normal sinus rhythm, see there . In the event the land owner does convert his interest, PilaGold and Coastport will have the right to purchase 2-per-cent of the 4-per-cent NSR for the price of $1.25-million (U.S.) per percentage royalty point. When the royalty holder receives royalties of $2.5-million (U.S.), the 4-per-cent NSR is automatically reduced to a 2-per-cent NSR thereafter. Background PilaGold and Radius Explorations Ltd. (RDU RDU Remote Display Unit RDU Rassemblement pour la Démocratie et l'Unité (French: Rally for Democracy and Unity, Mauritania) RDU Reasonable Drivers Unanimous RDU Remote Diagnostic Unit (Bendix ABS) - TSXV) announced in March 2004 that they planned to merge. The merger proposal was overwhelmingly approved by over 99% of the shareholders of each of two companies on June 1st, 2004 and Court Approval was granted on June 14th, 2004. Final Exchange approval is expected shortly. The name of the amalgamated a·mal·ga·mate v. a·mal·ga·mat·ed, a·mal·ga·mat·ing, a·mal·ga·mates v.tr. 1. To combine into a unified or integrated whole; unite. See Synonyms at mix. 2. company will be "Radius Gold Inc.". Under the terms of the Amalgamation, Radius shareholders will receive 1 Amalco share for every 1 Radius share held and PilaGold shareholders will receive 1 Amalco share for every 2.25 PilaGold shares held. It is anticipated that Radius Gold Inc will start trading on the TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. under the symbol RDU on July 2nd, 2004. For further information on PilaGold and Radius Explorations Ltd., please call toll free 1-888-627-9378 or visit our web sites at www.pilagold.com and www.radiusgold.com. After the effective date of the Amalgamation, please see the Radius Gold Inc. website at www.radiusgold.com. ON BEHALF OF THE BOARD Simon Ridgway, President Shares Issued: 23.1 million The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of this release. |
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