Novus Gold Corp. - Acquisiton Completed
04.04.2012 | Marketwire
VANCOUVER, 04/03/12 - PanTerra Gold Limited (ASX: PGI) (ABN: 48 008 031 034) (PanTerra Gold or the "Company"), advises that it has completed the acquisition of Vancouver based Novus Gold Corp. (TSX VENTURE: NOV) by the issue of 18,412,632 PGI shares to Novus Gold shareholders (1 for 3).PanTerra Gold has in effect acquired two exploration concessions in the Dominican Republic held by a wholly-owned subsidiary of Novus Gold.
La Yagua
- 9900ha concession along strike from Perilya's producing Cerro de Maimon copper/gold mine
- Preliminary exploration programs have identified significant base/precious metals mineralisation in 5 targets, with grab samples grading up to 18% Cu, 13g/t Au, and 29g/t Ag
- Mineralisation is strata bound VMS type, same as Cerro de Maimon mine
- Extension of previous soil sampling work to cover the whole concession is justified
- Drilling of first target 6 km long and open, expected in Q4/2012
La Paciencia
- 8.600ha concession located 10 km east of the Pueblo Viejo gold deposit (+25M oz) being developed by Barrick/Goldcorp
- Underlain by same geology in Los Ranchos formation as Pueblo Viejo
- Initial exploration will focus on soil sampling and geophysics to identify drill targets
- Prospecting to date has discovered elevated gold values along structural lineaments
- Any resource is expected to be predominantly refractory, and amenable to treatment through PanTerra Gold's Las Lagunas Albion/CIL process plant
Contacts:
PanTerra Gold Limited
Mr Brian Johnson, Chairman & CEO
+61 2 4861 174
brianjohnson@panterragold.com
PanTerra Gold Limited
Mr James Tyers, Director of Operations
+61 2 4861 1740
61 2 4861 7665 (FAX)
jamestyers@panterragold.com
