Musgrove Minerals Grants 60 Day Payment Extension to Grand Peak
FSC / Press Release
Musgrove Minerals Grants 60 Day Payment Extension to Grand Peak Capital
Surrey, British Columbia CANADA, November 05, 2012 /FSC/ - Musgrove Minerals Corp. (MGS - TSX Venture, MGSGF - OTCPink),("Musgrove" or the "Company") announces that, it has agreed to grant an extension to Grand Peak Capital Corp. ("Grand Peak") towards its second payment of $100,000 in cash or shares as per the Vianey Mine Project agreement first announced on June 7, 2011.
Under the original terms of the agreement, Grand Peak bought the Company's 50% interest in the Vianey Mine Project located in Guerrero State, Mexico for an aggregate of $325,000 of which $125,000 was paid on signing of the agreement. The balance, to be paid at Grand Peak's discretion in cash or stock, is due in two equal payments on the effective date - October 31, 2012 and 2013.
With a 15% penalty ($15,000), the Company has agreed to grant Grand Peak an extension of 60 days - the penalty to be waived if Grand Peak makes the $100,000 payment in cash instead of Grand Peak shares on or before the expiry of the 60 day extension.
ON BEHALF OF THE BOARD OF DIRECTORS OF MUSGROVE MINERALS CORP.
BY ORDER OF THE BOARD "Rana Vig" Rana Vig, President and CEO MUSGROVE MINERALS CORP.
About Musgrove Minerals Corp.
Musgrove Minerals Corp. www.musgroveminerals.com is a mineral-exploration resource company trading on the TSX Venture Exchange (Symbol:MGS). The Company is currently exploring the Musgrove Creek Gold Project, an advanced stage exploration project located in a historic Gold mining district in Idaho, USA and approximately 24 Km (15 mi) from Meridian Gold's past producing Beartrack Mine which produced approximately 600,000 oz of Gold from 1996 - 2001.
The Musgrove Creek Gold Project contains a NI 43-101 Inferred Mineral Resource estimate of 8 million tonnes at 1.22 g/t Au (0.036 oz/ton) at a gold cut-off of 0.8 g/t (0.023 oz/ton). This is equivalent to 313,822 oz (9,761 kg) of gold (Gruenwald and Makepeace, 2004).
Musgrove Minerals also has interest in three (3) other projects - The Vianey Silver Project in Mexico that it recently sold for $325,000 to Grand Peak Capital (GPK); The Charay Gold property in Mexico that it Optioned to Westridge Resources (WST); and, the Empire Mine project - a polymetallic skarn deposit containing copper, zinc, gold and silver located in the Alder Creek Mining District in Custer County, Idaho - that it recently joint ventured to Konnex Resources, currently a private company seeking to go public - owned 18% by Cliffs Natural Resources (CLF:NYSE).
Further information: Rana Vig at (604) 633-2442, or toll free 1-800-667-1442, or via email email@example.com, or by visiting our website at www.musgroveminerals.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 accuracy of this release
FORWARD LOOKING STATEMENTS This press release may contain or refer to certain forward-looking statements relating, but not limited to, Musgrove's expectations, intentions, plans and beliefs with respect to Musgrove. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "does not expect", "is expected", "budget", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or equivalents or variations, including negative variations, of such words and phrases, or state that certain actions, events or results, "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Forward-looking statements rely on certain underlying assumptions that, if not realized, can result in such forward-looking statements not being achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of Musgrove to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Although Musgrove has attempted to identify important factors that could cause actual actions, events or results or cause actions, events or results not to be estimated or intended, there can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Other than as required by applicable Canadian securities laws, Musgrove does not update or revise any such forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events. Accordingly, readers should not place undue reliance on forward-looking statements.
To view this press release as a webpage, please click on the following link: http://www.usetdas.com/pr/musgrove11052012.htm
Provider ID: 00020553 -0- Nov/05/2012 23:40 GMT