Crown Gold Signs Letter of Intent to Option Red Lake Property
03.06.2014 | Newsfile
Toronto, Ontario -- (Newsfile Corp. - June 3, 2014) - Crown Gold Corp. (TSXV: CWM) ("Crown" or the "Company") is pleased to announce that it has signed a letter of intent with UC Resources Ltd. ("UC") to grant UC an option to acquire Crown's McKenzie Island property in Red Lake, Ontario.To acquire 100% of the property, UC must issue 2,000,000 consolidated UC shares (UC is proposing a 1:10 consolidation of its shares) and pay $395,000 in cash over a 5-year period. The transaction is subject to a number of conditions, including due diligence by UC, completion of formal documentation, and all necessary regulatory approvals.
Crown is focused on advancing its 100% controlled Superior Copper Project in Northeast California for which an initial National Instrument 43-101 ("NI 43-101") compliant resource estimate, effective October 2, 2013, was recently reported and filed on Sedar.
For more information please see the Crown website at www.crowngoldcorp.com.
For Further Information Contact:
Crown Gold Corp.
Mr. Stephen Dunn, President, CEO and director
(416) 361-2827
info@crowngoldcorp.com
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This press release contains forward-looking statements within the meaning of applicable Canadian and U.S. securities regulation, including statements regarding the future activities of the Company. Forward-looking statements reflect the current beliefs and expectations of management and are identified by the use of words including "will", "anticipates", "expected to", "plans", "planned" and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward-looking statements is subject to a number of risks, including those described in the Company's management discussion and analysis as filed with the Canadian securities regulatory authorities which are available at www.sedar.com. Investors are cautioned not to place undue reliance upon forward-looking statements.