New Carolin Gold Corp. Acquires Additional 30% Property Interest
Surrey, B.C. / TheNewswire - September 17, 2015 - New Carolin Gold Corp. (the "Company") (TSXV: LAD): is pleased to announce that further to its news release of June 23, 2015, it has completed the acquisition of an additional 30% interest in the mineral claims and crown grants held by Century Mining Corp. Inc. and Tamerlane Ventures Inc., both companies currently under receivership proceedings pursuant to the Bankruptcy and Insolvency Act (Canada). The 30% interest was originally held by Tamerlane Ventures Inc. and the transaction completed as a result of a cash payment made by the Company of $200,010.00 to the receiver of Tamerlane Ventures. The Company expresses its appreciation for the assistance provided by the receiver of Century Mining in facilitating this acquisition.
The Company's Ladner Gold Project consists of approximately 144 square kilometers of contiguous mineral claims and several crown grants associated with surface rights at the original Carolin Mine and primary mineralized Idaho zone. The Company now has 100% control of the southern portion of the Ladner Gold Project (approximately 72 square kilometers) and a 40% interest in the northern claims and crown grants, which have been formally registered in the Company's name. The remaining 60% of the claims and grants on the northern portion of the property are held by Century Mining, under receivership proceedings.
The acquisition is part of the implementation of an agreement in place between the Company and the receiver of Century Mining in respect of the Company acquiring 100% ownership, subject to terms and conditions provided for in a press release dated August 27, 2014. The Company continues to work toward satisfying the terms of the agreement to now acquire the remaining 60% held by the receiver of Century Mining, and in that respect, the Company has to date: extinguished $110,000 in secured debt and satisfied the secured debenture provision in the agreement; raised over $750,000 since the agreement was entered into; paid down approximately $150,000 of trade related debt; and completed the Tamerlane Ventures property acquisition.
About New Carolin Gold Corp.
New Carolin Gold is a Canadian-based junior company focused on the exploration, evaluation and development of our strategic 144 sq. km of contiguous mineral claims, collectively known as the Ladner Gold Project. The project is located near Hope, BC, in the prospective and under-explored Coquihalla Gold Belt, which is host to several historic small gold producers including the Carolin Mine, Emancipation Mine, Pipestem Mine and numerous gold prospects.
For additional information, please visit the Company's website at www.newcarolingold.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Robert L. Thast"
President & Chief Executive Officer
Phone: 604-542-9458
Cell: 604.220.5031
E-mail: ceo@newcarolingold.com
Web site: www.newcarolingold.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or the accuracy of this press release.
Caution concerning forward-looking information
This news release may contain forward-looking statements that are based on the Company's expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
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