O October 31st $PNGM announced in a press release that Manado Gold Corp. ("Manado") has extended its option to earn 75% on the Company's 8,372 acre (3,388 hectare) Clisbako property in the Cariboo Mining Division of British Columbia by issuing 200,000 shares to the Company as required by the option agreement.
Approximately 2,000m was recently drilled by Manado to test the shallow mineralized zones of epithermal silica stockworks and breccias, and quartz veined volcanic rock identified on the "South Zone" and the "Bari 1 and Bari 2 Zones". These three zones were selected for drilling as they were determined to be the nearest to the surface. The drill did encounter significantly altered epithermal zones with low mineral values. Manado is completing a detailed analysis of the results to determine what additional work and what other zones should be tested.
Manado is required to incur an additional $250,000.00 on exploration of the Clisbako property by September 15, 2013 to earn its 75% interest in the property.
"The Company is pleased that Manado has met the requirements to extend its option to earn in on the property and that progress has been made in determining the geological structures within the property," commented Richard Donaldson, CEO of Pengram.
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