Vancouver, British Columbia (FSCwire) - Kapuskasing Gold Corp. (TSX-V: KAP) (the “Company” or “KAP”) announces that it has executed and finalized, subject to TSX Venture Exchange approval, the asset purchase agreement for a 100% interest in eight (8) separate properties hosting potential gold (Au), silver (Ag), cobalt (Co), copper (Cu) and vanadium (V) located in the province of Newfoundland and Labrador (NL) announced March 1, 2017.
The properties are termed the: Kings Court (Cu, Co) project, Lady Pond (Cu, Co, Au, Ag) project, Alexis (Co) project, Cape Charles (Co) project, Hayes (V) project, Indian Head (V) project, Iron Mountain (V) project, and the Ross Lake (V) project.
The Company can purchase a 100% interest in all of the properties for total consideration of 7,500,000 shares, and a $5,000 one time cash payment. The Vendors shall retain a 3% net smelter royalty (NSR) interest, or where applicable, a 3% Net Profit Royalty (NPR). The Company retains the option to buy back 2% of the NSR (or NPR) for $1,000,000.
The vendors (which are all arm’s length) include Shane Stares, Newman (Wayne) Reid, Stephen Stares, Michael Stares, Robert Duess, Robert Stares, Alexander Stares, James (Ricky) Crocker, and Calvin Crocker. No finders fees, or any other associated fees were incurred in this transaction.
Mr. Garry Clark P.Geo, (Exploration Manager and a director of the Company) a Qualified Person ("QP") as defined by National Instrument 43-101, has reviewed the technical content of this release. The content of the geological data presented has been derived from the Provinces Mineral Deposit Database and exploration assessment files and are believed to be accurate and correct.
