Open gold Corp.

Published : January 31st, 2013

Signs Letter of Intent with General Metals for Acquisition of Independence Mine=2C Nevada

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
Keywords :   Georgia | Gold | Report | Silver | Water |
Is this email not displaying correctly?
View it in your browser.
Vancouver, British Columbia � January 31, 2013 - Open Gold Corp. (TSX-V: OPG) is pleased to announce that it has entered into a binding letter of intent with General Metals Corporation to acquire a 100% interest in mining claims and surface lands located in the Battle Mountain District, Lander County, State of Nevada, collectively known as the Independence Mine.  The property is made up of 14 claims covering approximately 238 acres and private fee land covering a further 470 acres. Key considerations for the acquisition of the Independence property by Open Gold are as follows:
�         331,600 ounces gold equivalent in the Measured and Indicated categories*
�         848,600 ounces gold equivalent in the Inferred category*
�         potential for establishing extension to Newmont Gold�s adjacent Phoenix Project mine
�         strategically located adjacent to power, water and infrastructure and is surrounded on three sides by Newmont� Phoenix mining complex
* 198,800 oz AuEq measured resource based on 8,328,000 tons at 0.024 oz AuEq/ton; 132,800 oz AuEq indicated resource based on 7,728,000 tons at 0.017 oz AuEq/ton; 52,400 oz AuEq inferred resource based on 4,592,000 tons at 0.011oz AuEq/ton; and 796,200 oz AuEq inferred based on 4,182,000 tons at 0.190 oz Au/ton.  Effective date of estimates is May  31, 2011.
�The acquisition of the Independence Mine will represent the completion of the business plan we outlined in May of 2012.� said Bryson Goodwin, President and CEO of Open Gold.  �The acquisition of the Independence Mine and property will reposition Open Gold from a grass roots explorer to a possible near term producer.  Additional exploration drilling will target establishing an extension to Newmont�s producing Phoenix mine.�
Pursuant to the letter of intent, Open Gold will acquire the Independence Mine and property from General Metals by issuing common shares of Open Gold comprising 64% of the post-transaction issued and outstanding Open Gold Shares. General Metals has agreed to distribute 90% of the shares received to the shareholders of General Metals within 20 months of the closing of the transaction. Pending distribution of the shares to its shareholders, General Metals� voting rights will be limited to 14% of the post-transaction Open Gold voting shares.
Following completion of the transaction, the existing officers of the Company will retain their offices, and the Board of Directors of the Company shall be comprised of five (5) directors, two of whom will remain from the existing Board, in addition to two nominees of General Metals, and one director to be mutually agreed to.
Concurrent with the closing of the transaction, Open Gold proposes to complete a private placement offering for gross proceeds of $2,350,000 with 85% of the proceeds to be used for the advancement of the Property and working capital. The terms of the private placement will be announced separately.
The closing of the transaction is subject to various conditions including the parties entering into a definitive agreement, completion of technical and legal due diligence, stock exchange approval and General Metal�s shareholder approval.  
Qualified Person and NI 43-101 Disclosure
Information respecting resource estimates is based on  an independent technical report entitled �Technical Report of the Independence Gold and Silver Project, Battle Mountain Mining District, Lander County, Nevada USA� dated June 27, 2011 prepared for General Metals by James Ashton, P.E and Sam G. Nunnemaker, R.P.Geo in accordance with the form requirements of National Instrument 43-101.  A copy of the report is available on the General Metals website at  General Metals is a Delaware incorporated company with its head office in Reno, Nevada.
The technical information in this news release has been reviewed and approved by Ike Osmani, MSc, P.Geo, a consultant to the company and a Qualified Person under NI 43-101.
For further information please contact:
Bryson Goodwin
President & CEO
Tel: +1(604) 341-1531
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.
Copyright � 2013 Open Gold Corp., All rights reserved.
You are receiving this email because you have opted in our mailing list.
Our mailing address is:

Suite 2050 - 1055 West Georgia St.
PO Box 11121, Royal Centre
Vancouver, BC V6E 3P3
Email Marketing Powered by MailChimp

Data and Statistics for these countries : Georgia | All
Gold and Silver Prices for these countries : Georgia | All

Open gold Corp.

Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
Projects & res.
Asset profile
Contact Cpy

Open Gold is a gold exploration company based in Canada.

Its main exploration property is EHOLT in Canada.

Open Gold is listed in Canada. Its market capitalisation is CA$ 293 800 as of today (US$ 221 290, € 205 866).

Its stock quote reached its highest recent level on February 18, 2011 at CA$ 0.35, and its lowest recent point on April 03, 2015 at CA$ 0.01.

Open Gold has 29 380 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
Financings of Open gold Corp.
8/9/2012Closes Fully Subscribed Private Placement
Project news of Open gold Corp.
5/23/2013and General Metals Enter into Definitive Agreement on Indepe...
1/31/2013Signs Letter of Intent with General Metals for Acquisition o...
3/30/2011(Eholt)(TSX.V: OPG) Announces Drilling Update
Corporate news of Open gold Corp.
9/9/2015OPG announces the death of its Board Member Guy Wallier
8/28/2015Release of H1 2015 Financial Information
4/7/2015IIROC Trading Halt - OPG
9/18/2012Provides Corporate Update
6/5/2012News Release
5/8/2012Signs Letter of Intent for the Mitchell Project with Foundat...
4/27/2011(TSX.V: OPG) Drills 8.95 m of 2.11g/t Gold, 0.39 % Copper an...
4/27/2011Drills 8.95m of 2.11 g/t Gold, 0.39% Copper and 7.0 g/t Silv...
Comments closed
Latest comment posted for this article
Be the first to comment
Add your comment
CA$ 0.010
11/09 15:56 -
Prev close Open
0.010 0.010
Low High
0.010 0.010
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.010 -%
Volume 1 month var.
0 -%
24hGold TrendPower© : 8
Explores for Copper - Gold
Interactive chart Add to compare
Print Compare Export
Last updated on : 3/1/2011
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
Annual variation
5 years chart
3 months chart
3 months volume chart
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
announces expected non-cash impairment
AU$ 7.58+2.71%Trend Power :
Oceana Gold(Au)OGC.AX
AU$ 2.83-4.07%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
US$ 0.47-7.33%Trend Power :
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
Reduced Funding Requirement
GBX 0.53-10.32%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.02+0.00%Trend Power :
Closes Bridge Loan Financing
CA$ 3.00+0.00%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 8.71-1.02%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.30+7.14%Trend Power :
Q A April 2017 Quarterly Report
AU$ 0.25+4.17%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 1.79-6.28%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 59.37+2.73%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
2nd Quarter Report
AU$ 0.03+0.00%Trend Power :