MacMillan Gold Receives 100,000 Additional Common Shares From West Timmins Mining
Posted on: Friday, 10 October 2008, 15:00 CDT
George A. Brown, President and CEO of MacMillan Gold Corp. (TSX VENTURE: MMG), is pleased to announce that MacMillan has received an additional 100,000 common shares of West Timmins Mining Inc. (TSX: WTM) of Vancouver. These were issued as due, on or by September 30, 2008, as per the terms of the Property Option Letter Agreement dated November 7, 2007 as news released November 8, 2007.
West Timmins may earn an initial 51% interest in the La Violetta, Chino Gordo, and Palmira Properties by issuing 300,000 common shares (200,000 received) and spending $500,000 by September 30, 2010 (over $100,000 as required reported as spent to September 30, 2008). West Timmins may increase their interest to 60% for an additional 200,000 common shares and an additional $500,000 spending by September 30, 2013.
If West Timmins complete the 60% earn in, they have the right to increase their interest to 70% by undertaking, funding, and delivering a bankable feasibility report within three years of earning 60%.
The shares will be reported as received at a value of $40,000 in the fiscal year ended September 30, 2008 based upon the closing price of West Timmins shares on the day prior to issue. The $40,000 share value will be reported as property option receipts which are netted against the balance sheet value of the Exploration Properties.
Property options are one of the methods utilized successfully by MacMillan Gold in order to advance the development of exploration properties with property option receipts providing additional working capital to MacMillan Gold and exploration spending being funded by third parties reducing the need for share dilution in MacMillan Gold.
MacMillan Gold continues to support the activities of West Timmins and look forward to further positive exploration results in the near future.
Investors and interested parties are invited to visit the MacMillan Gold IR Hub at www.agoracom.com/IR/MacMillan where they can post questions and receive answers or review existing questions and answers. Investors may also email questions or request to be added to the investor email list at MMG@agoracom.com.
MacMillan Gold Corp. is a Canadian resource company listed on the TSX Venture Exchanges: Symbol "MMG".
The TSX Venture Exchange has not reviewed and accepts no responsibility for the adequacy or accuracy of this news release
Contacts: MacMillan Gold Corp. George A. Brown President and CEO (416) 867-1101 (416) 867-1222 (FAX) Email: macmillangold@ca.inter.net Website: www.macmillangold.com
SOURCE: MacMillan Gold Corp.
Source: MARKET WIRE
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