RICHMOND, BRITISH COLUMBIA--(Marketwire - June 30, 2010) - Skyline Gold Corporation ("the Company") (TSX VENTURE:SK), a company engaged in the exploration and development of its Bronson Slope porphyry style gold-copper deposit in north western British Columbia's 'Golden Triangle', is pleased to announce that, subject to final approval by the TSX-Venture Exchange and completion of a payment schedule, it is entitled to acquire 100% ownership of 6 mineral tenures comprising 2,250 hectares in the vicinity of Bronson Slope from Newcastle Minerals Ltd. ("Newcastle").
The mineral tenures that have been acquired are as follows:
| Tenure No: |
Claim Name |
Good to Date |
Area (Hectares) |
| 222212 |
WARATAH #7 |
2018/nov/30 |
500 |
| 392384 |
BUG 1 |
2018/nov/30 |
300 |
| 392385 |
BUG 2 |
2018/nov/30 |
300 |
| 392386 |
BUG 3 |
2018/nov/30 |
300 |
| 392387 |
SNIP NORTH |
2018/mar/13 |
400 |
| 396466 |
PHIZ 1 |
2014/sep/19 |
450 |
Acquisition of the mineral tenures secures mineral rights on both a portion of a road route of access to the proposed Bronson Slope project, contain an alternative location for a Bronson Slope tailings repository, and have excellent exploration potential.
Prior exploration on Snip North has identified, with a 2,200 meter drill program in 2006 and 2007, a porphyry-style gold, copper, and molybdenum mineralized area with drill core grades similar to the Company's Bronson Slope deposit and located approximately 4.5 kilometres from Bronson Slope. Historic exploration drilling and trenching on Snip North and also Waratah #7 and the Phiz claim have also identified several gold targets of interest for further exploration including the "Gorge Showing" on Snip North.
Purchase terms of the acquisition are:
- An initial payment of $400,000 in the form of 2,139,037 common shares of Skyline Gold priced at $0.187 per share.
- A final payment to Newcastle of 1,426,025 Skyline Gold common shares priced at $0.2805 per share, or $400,000 in cash, at the option of Newcastle, by June 29, 2011.
ON BEHALF OF THE BOARD OF DIRECTORS
SKYLINE GOLD CORPORATION.
David Jensen, P.Eng., President
Neither 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.