By December 28, 2012
TSX Symbol: ELT
Electra (ELT) Signs 70-30 Joint Venture with Auracle (AAL) on Golden Ridge Project.Electra Gold Ltd. (TSX.V:ELT) ("Electra" or the "Company") is pleased to report a 70-30 Joint Venture with Auracle (AAL) Resources Ltd. on the highly prospective Golden Ridge gold/silver volcanogenic prospect near the north end of Harrison Lake. The general terms are that Auracle will pay the following:
Date | Cash Payments | Mining Work | Shares | ||
Within 30 days following Effective Date | $25,000 | Reimburse $75,000 to Electra, already spent | 200,000 | ||
June 1, 2013* | $25,000 | 200,000 | |||
August 31, 2013 | $150,000 | ||||
June 14, 2014 | $50,000 | ||||
June 1, 2015 | $100,000 | $200,000 | 200,000 | ||
June 1, 2016 | $200,000 | $200,000 | 200,000 | ||
June 1, 2017 | $500,000 | 200,000 | |||
*The 2013 and subsequent payments will be made directly to Everton | |||||
TOTALS: | $900,000 | $625,000 | 1,000,000 |
When all the terms of the agreement are fulfilled, Electra can elect to participate at 30% or if Electra does not participate there are provisions in the agreement where Auracle can increase their involvement to
80% or 100% with Electra reducing to a 5% net profit interest.
Discussions are ongoing with local First Nations and a Notice of Work was filed with the Provincial Government on July 23, 2012. The permit to drill is expected shortly. Please refer to Electra News Releases, June 14, 2012, June 18, 2012, June 25, 2012, October 29, 2012 and November 27, 0212. Detail data has been put on the Electra website, www.ElectraGoldLtd.comunder "Projects".
Ron Savelieff, B. Sc. (Geol), Director of Electra comments that "This agreement is very good for the Golden Ridge Property and allows for a major drill program to proceed in 2013 to build on the very encouraging drill results from 1990 and 1997".
Auracle reports that further data compilation will commence immediately and drilling start as soon as snow conditions allow, perhaps as early as late April 2013. Major financing will be arranged by Auracle.
Electra Gold Ltd. was incorporated in 1976 and has since September 2003 been in continuous production with a cement raw material operation on North Vancouver Island and operated the Aurora Gold Mine in Nevada in the 1990's. Electra also has a portfolio of promising gold properties in BC. And Ontario.
For further information on Electra Gold Ltd. Please visit www.electragoldltd.comor contact: Jo Shearer, President
Tel: 604-696-1022 Fax: 604-944-6102
On behalf of the Board of Directors, J. T. Shearer
President, Director
This document may contain or refer to forward-looking information based on current expectations, including, but not limited to timing of mineral resource estimates, future exploration or project development programs and the impact on the Company of these events. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise them to reflect new events or circumstances. For a detailed list of risks and uncertainties, as it relates to Electra Gold Ltd., please refer to the Company's 2011 Annual Financials filed with SEDAR on April 24, 2012.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents herein.
For further information, please contact Jo Shearer, President at 604-970-6402, please see website at www.electragoldltd.com
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