Excel Gold Mining Inc. buys Montauban property from Raynault
Excel Gold Mining Inc. (TSX Venture: EGM)
Excel Gold buys Montauban property from Raynault
2008-07-07 15:13 ET - News Release
Mr. Daniel Pauze reports
ACQUISITION OF A MINING PROPERTY IN MONTAUBAN (BATISCAN)
Excel Gold Mining Inc. has reached an agreement to acquire a 100-per-cent interest in a mining property in Montauban (Batiscan), Que., from Denyse Raynault, residing at 1420, Bernard Ave. West, Suite 17, Outremont, Que., H2V 1W3, a party dealing at arm's length with the company, further to a letter of intent disclosed in the company's June 4, 2008, news in Stockwatch.
Pursuant to an asset purchase agreement dated June 25, 2008, Excel has acquired all rights, title and interest in the property in consideration for the allotment and issuance of eight million units, each unit comprising one fully paid and non-assessable common share in the capital stock of the company valued at 20 cents and one-half share purchase warrant, each full warrant allowing its holder to purchase one share at a price of 22 cents per share for a period of 24 months following the date of the execution of the agreement (the foregoing being collectively referred to as the "Transaction").
The Shares and Warrants shall be issued in reliance of the exemption set forth in Section 2.13 (shares issued in consideration for the acquisition of a mining property) of Regulation 45-106 respecting prospectus and registration exemptions (Quebec).
The Property
The Property claims consist in the mining rights relating to a property called "Montauban" which is composed of 117 mining titles covering 4,603.78 hectares (the "Mining Titles"). The Property is located in the Montauban and Chavigny region together with the west section of La Seigneurie de Grondines, Comte de Portneuf, Province of Quebec, at 120 km west of the City of Quebec and 50 km north east of the City of Trois-Rivieres, Province of Quebec.
A formal technical report was prepared pursuant to Regulation 43-101 respecting standards of disclosure for mineral projects with respect to the Mining Titles, identifying gold, silver, copper, zinc and lead as the minerals present therein.
With the acquisition of the Property, Excel is establishing itself as an influential player in the mineral industry and is forging its own path towards potentially becoming an essential supplier of hydrocarbons.
The completion of the Transaction is subject to the receipt of all required approvals, including, without limitation, approval by the TSX Venture Exchange Inc.
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