VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 23, 2013) - WestKam Gold Corp. (TSX VENTURE:WKG) (the "Company" or "WestKam") is pleased to announce that it has entered into an Option Agreement to acquire an additional 17% interest on its existing 7 claims of the 75%-owned Bonaparte Gold property (the "Property"), thereby increasing the Company's ownership position in the Property to 92%. These seven claims total 2,216-hectares (5,507 acres).
The Bonaparte Property consists of a total of 8 claims, representing 2,461-hectares (6,081 acres) and is located approximately 35 kilometres north of Kamloops, British Columbia and is accessible by paved and well-maintained gravel roads.
Under the terms of the Option Agreement, WestKam has the option to acquire its additional 17% interest by making a $150,000 cash payment to the Optionor on or prior to the first anniversary of the Closing Date, and to issue to the Optionor the following:
The Company may make a one-time $500,000 lump sum cash payment to the Optionor in lieu of any remaining shares on or prior to November 1, 2013. The transaction is subject to TSX Venture Exchange approval
Shares for Debt Settement
The Company also wishes to announce that that it has arranged a debt settlement with certain creditors. The debt settlement will allow the Company to restructure approximately $238,845 in outstanding debt through the issuance of up to 1,592,300 common shares of the Company at a conversion of $0.15 per common share.
The debt settlement is subject to TSX Venture Exchange approval.
About WestKam Gold Corp.
WestKam Gold Corp. is a Canadian gold exploration company focused on developing the Bonaparte Gold Project near Kamloops, British Columbia. Additional information can be found on the Company's website at www.westkamgold.com
ON BEHALF OF THE BOARD OF DIRECTORS
Matt Wayrynen, President
Forward looking statements: This release contains statements that are forward looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward looking statements.
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.