Canadian junior-stage exploration and mine development company New Carolin Gold Corp (TSX-V: LAD) announced today that Century Mining Corp. has agreed, subject to the authorization of the Superior Court of Quebec, to amend the acquisition agreement announced by New Carolin Gold Corp. on Aug. 27, 2014. The amended agreement allows New Carolin Gold to purchase the remaining ownership interests of CMC in the Ladner gold project in southwestern British Columbia.
Century Mining has now agreed that the amount of the financing to be completed by New Carolin Gold as a condition precedent to the transaction will be reduced to $1,500,000, with $600,000 required to be spent on the exploration and development of the project. Of this reduced requirement, the Company has raised $980,000 to date, leaving a balance of $520,000 to meet this condition.
Focused on the exploration, evaluation and development of their strategic 144 square kilometers of contiguous mineral claims, collectively known as the Ladner Gold Project located near Hope, BC, New Carolin has been identified as a mining company to watch. A number of gold prospects situated along 18 kilometers of the under-explored Coquihalla Gold Belt, once sold for $60 per share in 1982, are now owned by New Carolin Gold. Bob Thast, President and CEO of New Carolin Gold, believes that New Carolin has the potential for "moon shot" gains due to the potential of these gold prospects. “I think that the cash flow story [from the gold in the tailings], with the current assets, the large land package, a clear geological story that tells us there could be many millions of ounces on this property,” said Thast.
Last November, the company announced a ground work program at its Ladner Gold Project in preparation for planned drilling to defineå extensions of mineralized zones. This is part of an overall plan to bring this historic gold resource compliant, and also prove-up the larger multi-million oz high-grade mesothermal Bralorn/Motherlode-type model potential.
This amended purchase agreement is a major operational milestone for New Carolin. With continued focus and progress with the Ladner Gold Project, the company is positioned to stand out in the junior mining sector.
For more information about New Carolin Gold, visit www.newcarolingold.com.
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