Laredo Negotiating to Acquire
Pony Mountain Gold Property in Montana
Vancouver, B.C. - November 5, 2012: Laredo Resources Corp. (OTCQB: LRDR) announces that on
November 2, 2012, we entered into a letter agreement with Magna Management Ltd. ("Magna") of
Vancouver, BC under which we have been granted the exclusive right, for a period of sixty (60) days, to
negotiate for the purchase of all rights held by Magna in the mineral property known as Pony Mountain
Gold, located in the Mineral Hills District (commonly called the Pony District) in southwestern Montana.
During the exclusive negotiation period, we will have access to all documentation and information
regarding the title and geology of the property and any other information necessary for the completion of
our due diligence. We anticipate that our purchase of Magna's rights to the property, if consummated,
would be made through a combination of cash payment and issuance of common stock, with the rights
being assigned to a wholly-owned subsidiary to be formed. Pricing and other details of the potential
acquisition of Magna's rights have not yet been determined.
The Pony Mountain Gold property is comprised of an approximately 4,000-acre package of properties,
assembled over the years by a local family and local geologist. The property contains several historical
mines, namely the Mountain Cliff, Strawberry-Keystone, Amy, and Atlantic-Pacific (A-P) mines.
If we acquire Magna's rights to the Pony Mountain Gold property, we will assume Magna's rights and
duties under a Memorandum of Understanding between Magna and the various owners of the property
(the "MOU"). As the assignee of Magna's rights under the MOU, we would be entitled to exclusive
proprietary marketing rights for the property in exchange for total payments of US$ 3,000,000 to be made
in quarterly installments of US$ 250,000 each. The deadline for the first installment payment to the
owners, as currently extended, is December 5, 2012. All net revenues received from third-party
processors of material mined from the property will be paid the owners of the property and applied to the
total purchase price until paid in full. The owners will retain a perpetual 2% net smelter returns royalty.
Closing of the transaction contemplated by the MOU will be documented under a definitive Mining Lease
and Option Agreement.
Magna has engaged Moen Excavating, LLC to take and prepare samples from dumps located on the
Pony Mountain Gold property, to coordinate laboratory testing of samples taken from the property, and to
conduct negotiations with the Golden Sunlight-Barrick mill for the processing of material from the
property. Magna has also agreed to engage Moen Excavating for all surface work on the property and for
the future hauling of dump material from the property to the mill. If we are assigned Magna's rights to the
property, we plan to continue the engagement with Moen Excavating as Magna's assignee.
Robert C. Gardner
Phone: 604-669-9000
E-mail: robertgardner@telus.net
No stock exchange or regulatory organization in Canada accepts responsibility for the adequacy or accuracy of this release.
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Maxim Resources Inc.
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CODE : MXM.V |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Maxim Res. is a and oil exploration company based in Canada. Maxim Res. develops natural gas in Australia. Its main asset in production is SELLHEIM GOLD in Australia and its main asset in development is SOUTH ERIN BLOCK in Australia. Maxim Res. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 292 050 as of today (US$ 218 813, € 209 404). Its stock quote reached its highest recent level on December 30, 2005 at CA$ 1.10, and its lowest recent point on December 16, 2016 at CA$ 0.01. Maxim Res. has 58 410 000 shares outstanding. |