Macmillan Consents To The Assignment By Lake Shore Gold Of The La Violetta Properties To Revolution Resources Corp.
(via Thenewswire.ca)
TORONTO, CANADA - December 14, 2011 - Mr. Thomas Skimming, CEO of
MacMillan Minerals Inc., (CNSX:MMX) is pleased to announce that the
Company has signed a consent for the assignment of the property rights
for the La Violetta Properties from Lake Shore Gold Corp.
("LSG") and West Timmins Mining Inc. ("WTM") to
Revolution Resources Corp. ("RV") as news released by Lake
Shore Gold Corp. on December 14, 2011. The consent by the Company
included a transaction specific waiver of the Company's right of first
refusal to allow this transaction to proceed.
The La Violetta Properties were optioned by MacMillan Gold Corp.
("MMG") to WTM in November 2007. Under the option terms,
West Timmins could earn a 51% interest for option payments of 300,000
WTM common shares by September 30, 2009 and funding exploration
expenditures of US$500,000 by September 30, 2010. WTM had the right to
increase their 51% to 60% for an additional 200,000 WTM common shares
by September 30, 2011 and funding an additional US$500,000 of
exploration by September 30, 2013. WTM had a further right to increase
their 60% to 70% for undertaking, funding, and delivering a bankable
feasibility study completed on a mineral resource defined at least in
part within the bounds of the optioned properties (La Violetta) within
three years of vesting to 60%.
In March 2010, Lake Shore Gold Corp. (formerly West Timmins Mining
Inc.) entered into a revised option agreement with MacMillan Minerals
Inc. ("MMX") under which LSG issued MMX 146,000 LSG common
shares in exchange for MMX transferring title of the La Violetta
Properties to LSG. MMX waived any remaining exploration expenditure
requirements and deadlines. LSG were appointed operator and MMX
continue to hold a 30% interest which is carried at no cost to MMX
until LSG complete a bankable feasibility on a mineral resource
defined at least in part on the La Violetta properties.
In November 2011, LSG, WTM, RV, and MMX signed an agreement under
which MMX gave consent to the assignment of the rights by WTM under
the November 2007 agreement and by LSG under the March 2010 agreement
to RV. MMX also agreed to waive, on a transaction specific basis, any
rights of first refusal by MMX on the transaction between WTM, LSG,
and RV. In return, RV has agreed to be bound by the terms and
obligations under the WTM and LSG property option agreements.
Mr. Thomas Skimming, CEO of MacMillan states: "We are very
pleased to have Revolution Resources advancing our continuing 30%
carried interest in the La Violetta Properties. Revolution has shown
that it has a desire to advance Mexican exploration properties to
eventual production. This assignment enables MacMillan to focus its
attention on the Las Cucharas Properties to determine their potential
for future production."
For additional information, contact: Tel: (416) 867-1101 Fax: (416)
867-1222
Email: macmillanminerals@ca.inter.net
The CNSX has not reviewed and accepts no responsibility for the
adequacy or accuracy of this news release
Copyright (c) 2011 Thenewswire.ca - All rights reserved.
