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TORONTO, ONTARIO--(Marketwire - Dec. 7, 2012) -
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Frontline Gold Corporation (News - Market indicators) ("Frontline" or the "Company") announces that it has purchased the outstanding 10% ownership of its Turkish subsidiary, FrontlineGold Madencilik San. Ve Tic. Ltd. Şti, from Aegean Gold Madencilik Ltd. Sti. ("Aegean Gold"). Aegean Gold, through its partners, had assisted the Company with the sourcing and acquisition of its permits in Turkey. Frontline now owns 100% of the Turkish assets, including the Menderes project. Frontline will issue 1,500,000 shares of the Company to Aegean Gold, at a deemed value of C$0.03 per share, subject to TSX Venture Exchange approval and final documentation.
Frontline's Menderes project, located in Izmir province, western Turkey and located only 20 km from the provincial capital of Izmir, consists of 62 km2 in a high potential epithermal gold environment. The exploration focus of Menderes is the eastern strike extension of Eldorado Gold Corporation's Efemcukuru gold mine, which began operation in mid-2011.
As highlighted in the Company's November 8, 2012 press release, Frontline continues to engage in active discussions with several interested parties in an effort to monetize its interest in the Menderes project.
Finally, early stage prospecting and review of compilation work of properties in Turkey continues with the objective of adding to Frontline's Turkish portfolio.
"I would like to thank Aegean Gold and its partners for its assistance and guidance during the early days of development of the Company's Turkish subsidiary" said President and CEO, Walter Henry. "Furthermore, I am pleased with the level and progress of the discussions that we have been having with parties interested in our 100% owned Menderes Project."
About Frontline Gold Corporation
Frontline is a Canadian junior mineral exploration company with an experienced discovery team and a proven record of accomplishment. The Company's flagship properties include the Menderes gold project in the Izmir province of Western Turkey and the Niaouleni gold project in southern Mali in the heart of West Africa's prolific gold belt. Ongoing Canadian exploration includes the Poly (gold VMS) and the Stewart (gold-copper porphyry) projects.
For further information, please visit the Company's website at www.frontlinegold.com to view the most recent corporate presentation.
This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in metal prices; currency fluctuations; and general market and industry conditions.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Walter Henry, President & CEO
FRONTLINE GOLD CORP.