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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 19, 2012) - Nikos Explorations Ltd. (News - Market indicators) ("Nikos") is pleased to announce that it has entered into an option agreement to earn a 100% interest in the Borden Lake Extension Property located near Chapleau Ontario, subject to regulatory approval. The agreement is subject to the approval of the TSX Venture Exchange.
The 1,598 hectare property lies immediately east of Probe Mines' Borden Lake gold project where recent exploration has defined pit constrained indicated resources of 2,735,000 ounces of gold (81.9 M tonnes grading 1.04g/t gold) and inferred resources of 683,000 ounces of gold (22.9 M tonnes grading 0.93g/t gold) at a 0.6g/t cutoff grade.
Nikos may earn a 100% undivided interest in the property by making an initial payment of $3,000 and issuing 250,000 common shares of Nikos upon regulatory approval of the transaction, and then funding exploration expenditures of $340,000, making further cash payments of $97,000 and issuing an additional 750,000 shares over the three year period of the agreement. The vendors retain a 2% royalty, half of which may be bought back by Nikos for $1 million at any time.
Nikos intends to contract a high-resolution VTEM airborne survey over the property early in 2013 in order to identify electromagnetic anomalies that may be associated with gold mineralization and to help in the geological interpretation of this underexplored area.
About Nikos Explorations:
Nikos Explorations is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective copper and gold projects in the Americas. The company has 44,225,406 shares issued and outstanding and trades on the TSX Venture Exchange under the symbol NIK.