Pacton Gold Inc (fka PACXF)

[jedijazz]

Pacton Gold, Inc. (OTC:PACXF) is also listed on the TSX Venture Exchange under the ticker (TSXV:PAC.VN). Earlier the company announced breaking news that, "it has entered into a letter of intent ("LOI"), whereby it can earn up to an 80% ownership interest in Arrow (Pilbara) Pty Ltd ("Arrow Pilbara"), an Australian proprietary limited exploration company wholly owned by Arrow Minerals Limited (ASX:AMD) ("Arrow"). Arrow Pilbara holds two granted tenement licences and two applications for licences, comprising of a total of 609 km2 (the "Property"). The large Property is situated in the eastern part of the currently defined part of Western Australia's Pilbara gold play that is characterized by thick gold nugget-bearing conglomerate beds of the Archean age Mallina Basin. Highlights of the Transaction:

-- Strategic land holdings totaling 609 km2, with recent discovery of gold nuggets from outcropping conglomerates. Nuggets 5 to 10 mm in size have been discovered on the Property.

-- Seven conglomerate gold targets have been identified with characteristicradiometric anomalies;

-- Directly adjacent and proximal to key exploration properties controlled by Novo Resources Corp., De Grey Mining Ltd., and Kairos Minerals Ltd.;

-- Gold anomalies identified along structures which host gold mineralization on adjacent properties.

Alec Pismiris, Interim President and CEO of Pacton Gold stated, "We are pleased to be able to partner with the Arrow Minerals team, who have been able to assemble a significant portfolio of advanced gold projects with excellent prospectivity that will provide key exploration and discovery upside for the shareholders of Pacton. Pacton's Pilbara gold project is fast becoming one of the most significant in the Pilbara region."

The Property comprises two exploration licences and two exploration licence applications covering 609 km2 of ground prospective for conglomerate-hosted gold in the Pilbara region of Western Australia (refer to location map). The licences cover various parts of the prospective contact between the older Pilbara granite-greenstone terrain and the overlying Fortescue Group rocks in the East Pilbara region, including areas close to and adjoining licences held by Novo Resources Corp. (refer to location map).

Arrow confirms that prospectors have recently uncovered several gold nuggets inconglomerate units in the Mallina Basin on exploration license E47/3476. Geological and prospecting information on the Property has been provided by Arrow, which the Company has reviewed and believes to be reliable.