Khalkos Exploration Inc. Acquire Villebon East
25.09.2014 | Marketwired
MONTREAL, QUEBEC -- (Marketwired - Sep 25, 2014) - Exploration Khalkos. ("Khalkos") (TSX VENTURE:KAS) Management of Khalkos is pleased to announce the signing of a letter of agreement giving the Company the exclusive right to acquire 100% of the Villebon East gold property owned by St-George Platinum & Base Metals (CSE: SX). Khalkos acquires the Villebon East property by transferring its option to acquire the Poissons Blancs nickel-copper-cobalt property to St-Georges Platinum and issuing 200,000 common shares of its capital shares to the current owner under the original terms of the option. The acquisition of the Villebon East strategic claims by Khalkos allows it to consolidate its own flagship project, Villebon. In fact, the Villebon East property hosts Vein no 1. that belongs to a set of gold-bearing veins, most of which are found in the original Villebon property of Khalkos.
The Villebon East property consists of nine mineral claims covering 403 hectares. These claims are non-contiguous and located in the Villebon township, Abitibi-Témiscamingue, Quebec. Vein No. 1, identified over a length of over 100 meters, could be part of the extension of a major shear zone containing veins no. 3 and 4 as well as the Cere zone located on the Villebon property of Khalkos. It is worth mentioning that a hole drilled in the late 1980s had intersected a mineralized section of 1.5 meters grading 4.35 g/t gold. With the new claims, Khalkos hold all of the claims covering an area of multi-kilometer gold bearing shear zone.
The book value of the two exchanged properties was set at $ 450,000. A net smelter return (NSR) of 1%, redeemable for $ 500,000, was granted to the properties for each company. The agreement is subject to approval by relevant authorities.
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.
Contact
Khalkos Exploration Inc.
Robert Gagnon, President
(819) 860-2621
rgagnon@khalkos.com
Christian Guilbaud B.B.A
(514) 813-7862
cguilbaud@videotron.ca
(514) 510-7964
www.khalkos.com
