Atlanta Gold completes purchase of strategic asset at Atlanta property
Toronto-based Atlanta Gold (CVE:ATG) (OTCQX:ATLDF) said Thursday that it has completed the purchase of its 100% interest in a 430 acre mineral property at its Atlanta project in Idaho.
The strategic property acquired consists of 33 mining claims, and was purchased through a mining lease and option agreement, signed in February of 1999 with Monarch Greenback.
The exercise price of the option agreement was US$3.0 million, which was financed with a loan from Concept Capital Management.
"Closing of this purchase transaction is immediately accretive to Atlanta Gold shareholders," said president and CEO Bill Baird.
"The property hosts a substantial portion of the known mineral deposit at Atlanta, has excellent exploration potential and will enable shareholders to realize additional value from future expansion and development of the deposit."
In 2011, the company will test the continuity of the Atlanta Shear Zone at the project, at vertical depths below 2,000 feet, or 610 metres, as well as the northwest trending Tahoma structure.
Atlanta Gold's Atlanta properties comprise approximately 889.1 hectares north east of Boise, in Elmore County, Idaho.
Related news
- London Mining remains on track to hit 2012 production target at Marampa
- Ceres Power Holdings reports significant improvements of its fuel cell products
- Oxford Catalysts Group shares advance as it announces first start-up of FT reactor
- Mariana Resources kicks off drilling programme at Las Calandrias gold-silver project
- Orogen Gold begins Phase 1 drilling programme at Deli Jovan
- Magnolia Petroleum on track to hit 100 wells target by end-2012
- Mwana Africa sells 15pct stake in Freda Rebecca gold mine for $405k - UPDATE
