Ethos Terminates Option to Purchase the Betty And Wolf Properties, White Gold District, Yukon
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/01/13 -- Ethos Gold Corp. (the "Company" or "Ethos") (TSX VENTURE: ECC)(OTCQX: ETHOF)(FRANKFURT: 1ET) announces that it has given notice to vendors Shawn Ryan and Wildwood Exploration Inc. ("Wildwood") to terminate Ethos' option to acquire up to a 100% interest in the Betty and Wolf Properties located in the White Gold District, Yukon pursuant to two property option agreements each dated November 30, 2010 and amended March 1, 2012.
Pursuant to the terms of the Betty and Wolf Option Agreements, the Company is required to keep these properties in good standing for one year from the date of termination and Ethos has satisfied such obligation. By terminating the Betty and Wolf Option Agreements, Ethos will not incur additional cash option payments of $700,000 and share payments of 2.5 million shares of the Company.
Management's decision to discontinue the Betty and Wolf Option Agreements in general was based on exploration results at the Betty property indicating vein-style but not the targeted bulk-tonnage style gold-silver mineralization, as well as current market conditions.
Ethos continues to hold two properties in the White Gold District, Yukon including the Bridget property (held under option from Mr. Ryan/Wildwood) and the 100% owned WC Property. Ethos is actively assessing additional projects for acquisition or potential merger.
About Ethos Gold Corp.
Ethos has working capital of $9 million and 42.9 million shares issued and outstanding, and retains a highly qualified and successful management team that will continue to work to create value through the acquisition and exploration of mineral properties around the world.
Gary Freeman, President & CEO
Forward-Looking Statement Cautions:
This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to, among other things, initial drill results from Phase One drilling at the Betty Property, White Gold District, Yukon Territory, as well as future exploration plans for the property. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include, possible, accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.
Neither the 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.
Contacts:
Ethos Gold Corp.
Gary Freeman
President & CEO
604-682-4750
Ethos Gold Corp.
Fred Leigh
604-682-4750
www.ethosgold.com
