BCGold Corp. (or the \"Company\") is pleased to announce that the Company has entered into a Letter Agreement with Kaiyue International Inc. (\"Kaiyue\") whereby, subject to regulatory approval, Kaiyue can earn up to a 70% interest in BCGold Corp.\'s 100% controlled Toe Property, Yukon.
BCGold Corp. has granted Kaiyue the option to acquire a 60% interest in the Toe Property (\"Property\") by making $255,000 in cash payments, $1,900,000 in exploration expenditures and issuing 400,000 shares of Kaiyue to BCGold Corp. over a four year period. Kaiyue can earn an additional 10% interest in the Property by completing a feasibility study, for a total interest of up to 70%. In addition to regulatory approval, the Kaiyue option is subject to BCGold Corp. and Kaiyue entering into a definitive option and joint venture agreement on or before August 31, 2012.
The 1,600 hectare Toe Property is one of BCGold Corp.\'s 16 Minto/Carmacks Copper Gold Properties (15,925 hectares) in Yukon, strategically located proximal and adjacent to Capstone Mining Corp.\'s currently producing, high-grade copper-gold Minto Mine and Copper North Mining Corp.\'s Carmacks Copper Project. BCGold Corp. is the largest land holder in the Carmacks Copper-Gold Belt, having spent approximately $4 million in exploration expenditures over the past 4 years and discovering 7 copper-gold mineralized zones.
The Toe Property is located 7 kilometers northwest of the Minto Mine and 255 kilometres northwest of Whitehorse, Yukon. The Toe Property is drill-ready and hosts a number of copper-gold soil anomalies and “Minto-type†geophysical targets. The Toe Property is subject to a 2.5% net smelter returns royalty interest held by BCGold Corp. and a third party.
BCGold Corp. also announces that BCGold Corp. and Pacific-Link Capital Inc. have mutually agreed to terminate the March 14, 2012 letter agreement regarding the Toe Property.
BCGold Corp. has granted Kaiyue the option to acquire a 60% interest in the Toe Property (\"Property\") by making $255,000 in cash payments, $1,900,000 in exploration expenditures and issuing 400,000 shares of Kaiyue to BCGold Corp. over a four year period. Kaiyue can earn an additional 10% interest in the Property by completing a feasibility study, for a total interest of up to 70%. In addition to regulatory approval, the Kaiyue option is subject to BCGold Corp. and Kaiyue entering into a definitive option and joint venture agreement on or before August 31, 2012.
The 1,600 hectare Toe Property is one of BCGold Corp.\'s 16 Minto/Carmacks Copper Gold Properties (15,925 hectares) in Yukon, strategically located proximal and adjacent to Capstone Mining Corp.\'s currently producing, high-grade copper-gold Minto Mine and Copper North Mining Corp.\'s Carmacks Copper Project. BCGold Corp. is the largest land holder in the Carmacks Copper-Gold Belt, having spent approximately $4 million in exploration expenditures over the past 4 years and discovering 7 copper-gold mineralized zones.
The Toe Property is located 7 kilometers northwest of the Minto Mine and 255 kilometres northwest of Whitehorse, Yukon. The Toe Property is drill-ready and hosts a number of copper-gold soil anomalies and “Minto-type†geophysical targets. The Toe Property is subject to a 2.5% net smelter returns royalty interest held by BCGold Corp. and a third party.
BCGold Corp. also announces that BCGold Corp. and Pacific-Link Capital Inc. have mutually agreed to terminate the March 14, 2012 letter agreement regarding the Toe Property.