VIKING GOLD ACQUIRES CLAIMS ADJACENT TO ITS VERNEUIL GOLD PROPERTY
TORONTO, June 15, 2011 /CNW/ - Viking Gold Exploration Inc. (TSX-V:VGC), hereafter "Viking Gold" or "the Company" is pleased to announce that it has entered into two separate agreements to acquire 100% interests in claims on the west and east sides of its Verneuil gold exploration property - 19 claims on the west and 10 claims on the east. Viking Gold announced previously that it had agreed to acquire 44 claims situated in Verneuil Township, in the Abitibi region of Quebec.
The new agreements call for Viking Gold to make total ash payments of $50,000 and total share-based payments of 500,000 common shares and 150,000 share purchase warrants. The warrants,which entitle the holder to acquire an equivalent number of common shares at a price of .30 per share over a two-year period,will be included in transaction costs. The Company also granted a 2% NSR on each group of claims and may separately repurchase one-half of each NSR for $1,000,000 each.
"The acquisition of these claims will give us the opportunity to expand the known gold resource at Verneuil" states Mac Watson, Chairman of the Advisory Committee for Viking Gold. "We will endeavor to realize the potential of these gold properties through extensive exploration this year."
