Media Centre
| |   Wed Jun 11, 2008
Glen Hawk Minerals - Updates Property Acquisitions
|
| | Windfall Lake Project, Quebec
Glen Hawk Minerals Ltd. (the "Company") is pleased to announce that the TSX Venture Exchange (the "Exchange") has accepted for filing the acquisition of the Windfall Lake property and accordingly, pursuant to its option agreement, the Company has issued 1,125,000 common shares and made a cash payment in the amount of $100,000. Glen Hawk acquired the option to earn a 100% interest in the Windfall Lake property (the "Windfall Lake Property Option Agreement") subject to a 2% NSR, 50% of which the Company can purchase for $1 million or such lesser percent as it wishes to on a pro rata basis. To complete the exercise of its option Glen Hawk is required, by December 12, 2008, to issue a further 500,000 shares, pay a further $75,000 and complete $500,000 of exploration work on the Windfall Lake property.
The Windfall Lake property, which consists of 38 mineral claims (approximately 147 hectares) is located in the Chibougamau Mining District in Urban Township, Quebec, Canada, in close proximity to the Noront Resources Ltd. (TSXV: NOT) Windfall Lake project. The Company has now filed a National Instrument 43-101 Technical Report on the property on SEDAR. The Company is currently finalizing an agreement to initiate an extensive work program on the property.
Outland Silver Bar Project, British Columbia
On February 12, 2008, the TSX Venture Exchange (the "Exchange") accepted for filing a letter agreement dated December 5, 2007 between the Company and Bell Copper Corporation ("Bell") whereby the Company acquired the option to earn a 60% interest in certain mineral claims relating to properties situated in Northwest British Columbia known as the Outland Silver Bar claims (the "Outland Silver Bar Property"). The Company has issued 200,000 common shares under the terms of the letter agreement.
The Outland Silver Bar Property is situated approximately 24 kilometers north of Stewart, British Columbia and consists of 17 contiguous tenures, totaling 3,516 hectares.
Satterly Lake Project, Ontario
The Company has issued 40,000 common shares and made a cash payment of $16,000 to the underlying property owner of the Satterly Property ("1544230 Ontario Ltd.") and 200,000 common shares to Malahat Mining Corp. ("Malahat") under the terms of the letter agreement dated December 5, 2007 with Malahat whereby the Company acquired the option to earn a 60% interest in the property. The exploration expenditures required for the first year are in the amount of $36,000.
On behalf of the board of directors,
"Laara Shaffer"
Director
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release. |
| |
| You can view the Next News Releases item: Wed Jul 23, 2008, Glen Hawk Corporate Update
You can view the Previous News Releases item: Wed Dec 19, 2007, Property Acquisitions and Up to $1 million Private Placement
You can return to the main News Releases page, or press the Back button on your browser.
|
|
