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From the Wires
Golden Share Sells Lac Fortune West Project to Vantex Resources
By: Marketwired .
Nov. 7, 2012 11:22 AM
MONTREAL, QUEBEC -- (Marketwire) -- 11/07/12 -- Golden Share Mining Corporation ("Golden Share" or the "Company") (TSX VENTURE:GSH) is pleased to announce the signature of a purchase and sale agreement with Vantex Resources Ltd ("Vantex") (TSX VENTURE:VAX)(FRANKFURT:UD7A) dated November 2nd, 2012 through which Vantex can acquire a 100% interest in the Lac Fortune West Gold Property ("Lac Fortune West" or the "Property"). The Property comprises 17 claims for a total surface area of 3.7 km2 and is situated in the Rouyn-Noranda mining camp, in Quebec, Canada.
Vantex will complete the Lac Fortune West acquisition by paying Golden Share $100,000 in cash and issuing to Golden Share 1,000,000 common shares in Vantex's capital. Golden Share will also retain a 1% NSR in the Property.
Lac Fortune West is strategically located on the Cadillac fault, 25 km west of Rouyn Noranda. It is easily accessible by national road 117 which passes just south of the Property. Lac Fortune West is directly adjoining Vantex's Galloway project where several gold targets are being developed, and notably the recent Moriss discovery which returned 8.21 g/t Au over 22.50 m to a depth of 106 m in initial Vantex drilling. In August 2012, Vantex announced a drill intercept of 59.51 g/t Au over 6.20 m to a depth of 64.20 m in the N1 zone which is part of the Moriss discovery. In October 2012, mining executive and investor Rob McEwen increased his stake in Vantex by 500,000 shares bringing his total investment to 7.8 million shares or about 12% of the company.
Philippe Giaro, President and CEO, stated "We are very pleased to conclude this transaction with Vantex as they aggressively keep developing this part of the Abitibi belt in Quebec while we are focusing on our Ontario properties. Lac Fortune West is located about 8 km to the east of the Moriss discovery in a different part of the rock sequence but nevertheless provides Vantex with the opportunity to build their position in the belt. Golden Share meanwhile obtains immediate leverage in the play through shares in Vantex and retains a long term interest with an NSR. We look forward to this new relationship as Vantex conducts additional drilling to further unlock the potential of this promising area for the benefit of all shareholders".
The transaction remains subject to the approval of the TSX Venture Exchange.
About Golden Share Mining Corporation
Golden Share Mining Corporation is a Canadian-based mining exploration company developing a promising portfolio of properties in the greenstone belts of eastern Canada, namely in the Val d'Or-Malartic, Red Lake and Shebandowan areas.
Lake Shore Gold Corp., a Canadian emerging gold producer, holds a strategic 27.2% interest in Golden Share which is led by a technically focused management team strengthened by an experienced board of directors and a proven advisory board including successful geologists Roy Corrans and Sethu Raman as well as seasoned financier Anthony Frizelle.
Golden Share's development strategy involves advancing a well balanced portfolio of gold properties in a politically stable environment with a history of gold endowment through systematic exploration, resource definition and acquisitions.
FOR MORE INFORMATION, CONSULT : http://www.goldenshare.ca
OR OUR FACEBOOK PAGE AT: http://www.facebook.com/people/Golden-Share/100001472712018
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.
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