KATX. Kat Exploration Inc. Signs Letter of Intent to Purchase 100% of the "Twi-Lite" High Grade Gold Property
MOUNT PEARL, Newfoundland, Dec 09, 2009 (BUSINESS WIRE) -- Kat Exploration Inc. (Pink Sheets:KATX) and "Steve Courtney" are pleased to announce the signing of a Letter of Intent ("LOI") with respect to the purchase of the "Twi-Lite" gold property.
The LOI confirms Kat's intention to acquire 100% of the "Twi-Lite" Property in consideration for CAD$144,000 and no common shares, over a period of 3 years. Courtney will retain a 2% NSR on the "Twi-Lite" property with Kat's option to buy back 1% of that NSR.
A formal agreement will be entered into between Kat Exploration and Steve Courtney within the next week or so as due diligence have been completed with an agreement to proceed with the official option documents.
Kat Exploration's continuing vision is to realize shareholder value and wealth through monetization of its projects and potential discoveries through partnerships with significant players with ready capital and production expertise.
The gold price trend is, and has been, steadily moving upwards. The average price of gold has defined the long term trend and markets remain bullish.
It is Kat Exploration's goal to be better positioned to generate greater shareholder value by focusing on adding to its portfolio/ acquisitions of gold properties. Although Kat's primary exploration focus will be the identification of gold deposits, its exploration horizon will also encompass base metals as well.
About Kat Exploration Inc
Kat Exploration's principal objective is to locate, stake, prove up and sell mineral properties to major mining companies. It is the Company's objective to take advantage of increased activity to generate numerous joint venture clients, and sales of our existing and yet to be acquired properties.
SOURCE: Kat Exploration Inc.
CONTACT:
Kat Exploration Inc. Ken Stead Office: 709-368-9223 Cell: 709-690-2908 Website: www.katexploration.com Email:kstead@katexploration.com
Copyright Business Wire 2009
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KEYWORD: Newfoundland and Labrador
United States
Canada
North America
INDUSTRY KEYWORD: Natural Resources
Mining/Minerals
Other Natural Resources
SUBJECT CODE: Product/Service
