Cougar Minerals Corp. Amends Geel Mine Property Agreement
04 Juni 2013 - 1:55PM
Access Wire
June 4, 2013 - Winnipeg, Manitoba - Cougar Minerals Corp. -
TSX-V: COU ("Cougar" or the "Company") is pleased to announce that
it has amended its option agreement on the Geel Property, located
near Virginia City, Montana, allowing Cougar Minerals the right to
earn a full 100% interest in the historic gold and silver mine.
As per the details announced in the Cougar Minerals press
release dated April 5th 2013, the Company has earned a 25%
undivided interest in the Geel Gold and Silver mining lease and
holds an option to purchase an additional 25% for a total undivided
50% interest.
The amended agreement now grants Cougar Minerals the option to
purchase the remaining 75% interest in the Geel Mining lease
subject to the following conditions;
-Pay the vendor a total of US$400,000 in four tranches
-
i.US$100,000 within five business days of TSX Venture Exchange
approval of the option agreement
-
ii.an additional US$100,000 on or before the six month
anniversary
-
iii.an additional US$100,000 on or before the 12 month
anniversary and;
-
iv.an additional US$100,000 on or before the 18 month
anniversary.
-Issue the vendor an aggregate of 12 million fully paid and non
assessable common shares in the capital stock of Cougar Minerals in
four tranches
-
i.6 million shares within five business days of TSX Venture
Exchange approval of the option agreement
-
ii.An additional 2 million shares on or before the six month
anniversary
-
iii.An additional 2 million shares on or before the 12 month
anniversary
-
iv.An additional 2 million shares on or before the 18 month
anniversary
-Incur an additional US$1 million in expenditures on the
property on or before the two year anniversary of TSX Venture
Exchange approval of the agreement.
The Geel Property
The Geel gold and silver mine property covers a portion of the
Geel trend, a quartz vein system, that has been traced for over 4
miles (6.4 km). The property hosts a small high grade gold and
silver mine that has seen limited historical production. There are
no records available to quantify the tonnage and grade
produced.
Cougar Minerals completed a 19 hole core drill program earlier
this year (refer to Cougar Minerals press release dated April 5th
2013). Previously announced hole G7 intersected 5 ft (1.5 metres)
(true width) averaging 1.23 opt gold (42.17 g/t Au) and 1.88 opt
silver (64.46 g/t Ag). This included a 1 ft (0.3 m) interval
averaging 5.9 opt gold (202.29 g/t Au) and 8.8 opt silver (301.71
g/t Ag).
These drill results combined with sampling results from the Geel
adit (also announced in the Cougar Minerals Press Release dated
April 5th 2013), indicate good grades over a strike length of at
least 200 feet (61 metres) and down-dip 140 feet (42.6 metres)
below the surface. Mineralization on the vein still remains open
for expansion at depth and to the south.
Richard C. Capps, PhD., SME registered Professional Geologist,
is the qualified person responsible for reviewing this press
release for content and accuracy.
COUGAR MINERALS CORPORATION
s/ "Murray Nye"
Murray Nye
President
For more information, please contact:
Cougar Minerals Corporation
Murray Nye, President/CEO
(204) 989-2434
www.cougarminerals.com
Cautionary Note
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein. This news release may contain "forward-looking
information", within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, but is not
limited to, statements with respect to Cougar's exploration program
and plans. Generally, forward-looking information can be identified
by the use of forward-looking terminology such as "believes",
"plans", "seeks", "expects", "budget" or variations of such words
or statements that certain actions, events or results may, could,
will, will be, would be or are expected to be. Forward-looking
information is subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of Cougar to be materially
different from those expressed or implied by such forward-looking
information. There can be no assurance that such statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on
forward-looking information. Cougar does not undertake to update
any forward- looking information, except in accordance with
applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy and
accuracy of this release.
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