Viper Gold Announces the Termination of the Option Agreement on the Grindstone
TORONTO, ONTARIO -- (Marketwire) -- 03/14/13 -- Viper Gold Ltd.
("Viper" or the "Company") (TSX VENTURE:VPR) announces termination of
the option agreement (the "Agreement") previously optioned on July
31, 2012. The Agreement was originally executed on July 31, 2012 with
Kinross Gold Corporation ("Kinross") and Selkirk Metals
Corp.("Selkirk"), a wholly owned subsidiary of Imperial Metals
Corporation on their Currie-Bowman Property, located 54 kilometres
east of Timmins Ontario (the "Grindstone Creek Property"). In
November 2012, the Company contacted Kinross indicating it was
concerned it would not be able to complete the required assessment
work on the property in time to maintain the claims in active status
due to the weakness in the financing markets. As a result, a mutual
decision between Kinross, Selkirk and the Company to terminate the
Agreement was taken. The Agreement terminated and is of no further
legal force or effect except for those obligations in the Agreement
that are specifically identified and deemed to survive termination of
the Agreement and the parties are released and discharged from all
obligations and liabilities under the Agreement.
The Company is currently focusing its efforts on the Corongo Property
located in the Department of Ancash, Peru, where it has identified a
new copper/molybdenum in soil anomaly over an area of 1,200 metres
east-west and up to 900 metres north-south, as previously announced
and filed on SEDAR in a press release dated October 16, 2012, and has
identified vein hosted silver and gold mineralization on 3 separate
areas in surface trenching and diamond drilling completed in 2010 and
2011. The Corongo Property is jointly owned 50:50 with Duran Ventures
Inc. where Viper Gold earned its fifty percent (50%) beneficial
interest in the property in 2011 as previously announced and filed on
SEDAR in a press release dated January 24, 2012.
The Company is reviewing financing opportunities and with the
objective of raising sufficient capital on terms acceptable to the
Company to continue the exploration programs on its mineral
properties in Peru and Canada.
Viper Gold Ltd. is an emerging Canadian based junior exploration
company focused on the precious metals potential of the "Gold
Corridor" in Northern Peru and the Abitibi Greenstone Belt of
The information in this release was prepared under the direction of
Paul Davis, P.Geo. President and CEO of Viper, and a Qualified Person
as defined in National Instrument 43-101 - Standards of Disclosure
for Mineral Projects.
For further information relating to the Company or this release
please visit the Viper Gold website at www.vipergoldltd.com.
Statements in this press release may contain forward-looking
information, including expectations of the results of future
exploration and the potential of the exploration properties with
respect to the bulk tonnage potential on the property. The reader is
cautioned that assumptions used in the preparations of such
information, including: the ability to find suitable targets; the
ability to negotiate and enforce land access agreements with local
communities; the ability to obtain necessary government approvals for
proposed exploration plans; the ability to control operating costs;
commodity price risk management activity; the ability to make
suitable acquisitions and dispositions; and the ability to access
capital may prove to be incorrect. Events or circumstances may cause
actual results to differ materially from those predicted, a result of
numerous known and unknown risks, uncertainties, and other factors,
many of which are beyond the control of the Company. These risks
include, but are not limited to, the risks associated with the mining
industry, commodity prices, exchange rate changes, income taxes and
regulatory changes. Industry related risks could include, but are not
limited to, operational risks in exploration, development and
production, delays or changes in plans, risks associated with
uncertainty of reserve estimates, health and safety risks and the
uncertainty of estimates and projections of production, costs and
expenses. There is the additional risk that the Company may incur
expenses related to the effective termination of the option agreement
referred to in this press release. There is a specific risk that no
or insufficient financing will be obtained on terms acceptable to the
Corporation that will allow the Corporation to continue its
exploration programs in Peru and Canada. The reader is cautioned not
to place undue reliance on this forward-looking information.
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.
Viper Gold Ltd.
Press spacebar to pause and continue. Press esc to stop.