Update on Argus Divestment of the Hyland Gold Project into Bany
09.10.2012 | vom Unternehmen
Vancouver, British Columbia CANADA, October 09, 2012 - Banyan Coast Capital Corp. ("Banyan") (BYN.P - TSX Venture)a capital pool company, and Argus Metals Corp.,("Argus") (AML - TSX Venture), are pleased to announce that, further to their previous announcements dated September 10, 2012 relating to Banyan's proposed qualifying transaction (the "Qualifying Transaction") involving the acquisition from Argus of its interests in the Hyland Gold Project (the "Acquisition"), Banyan and Argus have signed a definitive assignment and transfer agreement (the "Definitive Agreement") relating to the Acquisition.The Hyland Gold Project
The Hyland Gold Project is a large scale sediment hosted gold system in Yukon's Selwyn basin situated in the Watson Lake Mining District of South Eastern Yukon Territory, Canada. It is located approximately 70 kilometres northeast of the village of Watson Lake. The property is accessible by helicopter, float plane and 4x4 roads. Hyland consists of 927 claims (approximately 18,620 hectares) and lies near the southeast end of the Tintina Gold Belt extending across central Alaska and Yukon. The terms of the Acquisition are detailed further in the news release of the Company dated September 10, 2012.
Now that the Definitive Agreement has been finalized, Banyan is moving rapidly to complete the Acquisition as its Qualifying Transaction under Policy 2.4 of the TSX Venture Exchange (the "Exchange"). The Acquisition is an arm's length transaction and shareholder approval will not be required.
Argus is now preparing for their December shareholders meeting where shareholders will have an opportunity to vote on the disposition of the Hyland Project to Banyan.
A filing statement in respect of the Acquisition will be prepared and filed in accordance with Policy 2.4 of the Exchange on SEDAR at http://www.sedar.com. Another press release will be issued containing additional required disclosure as soon as is practical.
Timing
The Company proposes to complete the Qualifying Transaction and the related financing (described in the news release of the Company dated September 10, 2012) by no later than Jan 24, 2013 or such earlier date as may be agreed to by Argus and Banyan.
ON BEHALF OF THE BOARD OF BANYAN
(signed) "Richmond Graham"
Richmond Graham, President and Chief Executive Officer
ON BEHALF OF THE BOARD OF ARGUS
(signed) "Michael Collins"
Michael Collins, President and Chief Executive Officer
For more information, please contact:
Banyan Coast Capital Corp.
Richmond Graham
Tel: (403) 450-8450
Email: rgraham@banyancoast.com
Argus Metals Corp.
Michael Collins
Tel: (604) 687-2471
Completion of the Qualifying Transaction is subject to a number of conditions, including but not limited to, Exchange acceptance. There can be no assurance that the Qualifying Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Qualifying Transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative. The Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.