Printer Friendly

CARSON GOLD ANNOUNCES DEFINITIVE AGREEMENT ON LOTE DELTA AND NUEVA ALASKA SIGNED BACK-IN AGREEMENT WITH VENEZUELAN GOLDFIELDS FINALIZED

 VANCOUVER, British Columbia, Jan. 6 /PRNewswire/ -- Carson Gold Corp. (Vancouver: CQG) announced that it has signed the definitive agreement with Invesco Trading S.A., the indirect sole shareholder of Minera La Fortuna S.A., for the acquisition, exploration and development of the Lote Delta and Nueva Alaska gold concessions located in the Kilometer 88 Mining District of Venezuela. Reference is made to Carson's news release of Nov. 1, 1993.
 The 5,000 acre Lote Delta concession borders the Las Cristinas and Minerva concessions of Placer Dome Inc., and the Oro Uno concession of Venezuelan Goldfields Ltd. (see map). Placer Dome recently announced the discovery of 5.2 million ounces of gold on one of seven targets on Las Cristinas.
 The Nueva Alaska concession borders Carson's "Bloque A" concession (see map). This concession, totaling over 13,000 acres, has been the subject of extensive geological and geophysical work over the past year.
 Airborne geophysical data integrated with geochemical, ground magnetic and electromagnetic surveys has confirmed the existence of numerous anomalies on both Lote Delta and Nueva Alaska. Many of these anomalies correlate well with the extensive pitting and workings of the small time miners or "mineras" that recovered gold in the area for years.
 In addition, Carson has finalized an agreement in principle with Venezuelan Goldfields Ltd., ("Vengold") whereby Vengold is entitled to earn a 50 percent interest together with the right to operatorship in Lote Delta and Nueva Alaska by:
 a) reimbursing Carson all development and feasibility costs after the completion of a feasibility study; and
 b) reimbursing Carson all of its acquisition costs.
 In consideration for this agreement, Vengold has agreed to issue 500,000 shares of Vengold to Invesco Trading S.A., consisting of 300,000 shares at closing and 200,000 by March 31, 1995. The Vengold shares are in lieu of the Cdn. $5 million cash portion of the acquisition cost which would have been the responsibility of Carson.
 If either Carson or Vengold is required to provide an overall corporate guarantee for any debt project financing, the company providing the guarantee will be entitled to a further 10 percent in the Concessions, unless the company not providing the guarantee is able to advance its portion of the required financing by other means, such as equity financing.
 Closing of these transactions is scheduled to occur not later than Jan. 31, 1994, and is subject to regulatory approval.
 The common shares of Carson Gold Corp. trade on the Vancouver Stock Exchange under the symbol "CQG."
 -0- 1/6/94
 /NOTE TO BUSINESS AND PHOTO EDITORS: A copy of the Carson Gold Corp. map of the Kilometre 88 Gold Mining District is available by fax by calling Canada NewsWire, Vancouver at 604-669-7764./
 /CONTACT: Eric V. Friedland, chairman and CEO, 604-669-8871/
 (CQG.)


CO: Carson Gold Corp. ST: British Columbia IN: MNG SU: TNM

JL -- LA021 -- 9828 01/06/94 14:38 EST
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 6, 1994
Words:483
Previous Article:METRO-GOLDWYN-MAYER LAUNCHES ANIMATION DIVISION
Next Article:RTW, INC. COMMENCES OFFERING OF $10,000,000 SENIOR NOTES
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters