Golden Goose signs option to sell its Lac Levac
nickel property
Montreal, Quebec, August 12th, 2009 - Golden
Goose Resources Inc. (TSX-V: GGR) is pleased to announce that it has granted
Exploration Nemaska Inc. ('Nemaska')
an option to purchase its Lac Levac Properties. The
option was granted for a non-refundable consideration of $150,000 paid in
cash and expires on December 31, 2009.
Nemaska is currently in
the process of raising funds and intends to complete an initial public
offering before year-end. If exercised, the option will entitle Nemaska to purchase the Lac Levac
Properties for a consideration of $2,850,000 payable, in addition to the
initial payment of $150,000, by way of a $2,000,000 cash payment and the
issue of $850,000 in shares of Nemaska at the IPO
price. Nemaska will also grant one warrant per
share issued, each warrant entitling Golden Goose to purchase one share at a
20% premium over the IPO price for two years. Golden Goose will also appoint
a representative to the board of Nemaska and will
retain a 2% net smelter royalty ("NSR"), of which a 1% NSR can be
repurchased by Nemaska for $1,000,000 for the first
three years. The option agreement contains certain break fees payable to Nemaska in certain circumstances. The transaction is
subject to the approval of the TSX Venture Exchange and to other standard
conditions.
Francois
Perron, President and CEO comments "Given our
commitment to focus on our gold resource at the Magino
Project, this agreement is timely and allows Golden Goose to redeploy
resources for the development of our gold project. If the option is
exercised, our equity in Nemaska and royalty on the
property will allow us to continue to participate in the future of the Lac Levac property. The Lac Levac
project will benefit from an enhanced land position and focused exploration
and development efforts by the management of Nemaska".
ABOUT GOLDEN GOOSE RESOURCES
Golden
Goose Resources Inc. is a Canadian public company listed on the TSX Venture
Exchange under the symbol GGR. The Company is principally engaged in mineral
exploration and acquisition and has a portfolio of gold, platinum group
metals, and nickel properties in Ontario and
Quebec.
Visit
our website at www.goldengooseres.com
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.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Golden Goose Resources Inc.:
François Perron,
President and CEO
Tel: 1-888-928-4667
Fax: 1-888-494-5371
Email: perron@goldengooseres.com
Website : www.goldengooseres.com
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