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Golden Share Amends Terms of Favourable Lake Gold Option Agreement
By: Marketwired .
Feb. 8, 2013 03:00 PM
MONTREAL, QUEBEC -- (Marketwire) -- 02/08/13 -- Golden Share Mining Corporation ("Golden Share" or the "Company") (TSX VENTURE:GSH) is pleased to announce that it has amended the terms its option agreement on the Berens River surrounding claims with Favourable Lake Gold ("FLG"), a private Canadian company.
On December 16th 2011, the Company entered into an option agreement with FLG, to acquire a 100% interest in 20 unpatented claims, representing 220 units, located in the Setting Net Lake and North Trout Lake areas of northwestern Ontario, Canada (Please see news release dated December 20, 2011 or visit http://www.goldenshare.ca).
Under the terms of the amended agreement, Golden Share can acquire a 100% interest in the Property from FLG over 26 months by meeting the following conditions:
-- By executing cash payments of a total of $37,500 to FLG, to be completed no later than the second anniversary of the date of the option agreement and each payment being made upon the achievement of certain milestones; -- By issuing FLG a first tranche of a total of 1,000,000 Golden Share Common Shares, to be completed no later than February 28, 2013 and each issuance being made upon the achievement of certain milestones; -- By issuing, subject to certain conditions, such further number of Common Shares equal to the lesser of 3,000,000 Common Shares or $150,000 divided by the volume weighted average trading price of the Common Shares on the TSXV for the five trading day period ending no later than February 28, 2014, or at Golden Share's election, by making a cash payment of $150,000; and -- By issuing such further number of Common Shares equal to the lesser of 3,000,000 Common Shares or $150,000 divided by the volume weighted average trading price of the Common Shares on the TSXV for the five trading day period ending on or before the second anniversary of the date of this Agreement, or at Golden Share's election, by making a cash payment of $150,000.
This amendment remains subject to the approval of the TSX Venture Exchange.
About Golden Share Mining Corporation
Golden Share Mining Corporation is a Canadian-based mining exploration company developing a promising portfolio of resource and exploration properties in the greenstone belts of eastern Canada, namely in the Val d'Or-Malartic, Red Lake and Shebandowan areas.
Lake Shore Gold Corp., a Canadian emerging gold producer, holds a strategic 27.2% interest in Golden Share which is led by a technically focused management team strengthened by an experienced board of directors and a proven advisory board including successful geologists Roy Corrans and Sethu Raman as well as seasoned financier Anthony Frizelle.
FOR MORE INFORMATION, CONSULT : http://www.goldenshare.ca
OR OUR FACEBOOK PAGE AT: https://www.facebook.com/golden.share.9?v=wall
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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