Golden Share Issues First Royalty Payment for Pistol Lake, Shebandowan Project
October 09 2013 - 6:01PM
Access Wire
Toronto, October 9,
2013 - Golden Share Mining Corporation ("Golden Share" or the
"Company" - TSXV:GSH) is pleased to announce
that it has issued its first royalty payment for the Pistol Lake
block of the Shebandowan project in Northwestern Ontario,
Canada.
Under the terms of
the option agreement (the "Agreement"), following the acquisition of the project,
Golden Share shall make annual advance-royalty payments for a total
sum of $20,000 per year. Such payments are to be deducted from any
royalty payments to be made to the Vendor in the event that
commercial production would be achieved on the property. Before the
9th anniversary of the
Agreement's signature, Golden Share may elect to execute half of
those payments by issuing $10,000 in common
shares calculated using the 20 day
volume weighted average price
at the time of issuance.
Finally, all such payments are to be indexed
to inflation, calculated using the Bank of Canada inflation
calculator.
Pursuant to the
above, Golden Share has paid $11,297.58 in cash and issued 66,667
shares to the Vendor, at a deemed price of $0.15 per
share. The execution of such payment remains
subject to the approval of the TSX Venture Exchange.
About Golden
Share
Golden Share Mining
Corporation is a Canadian-based mining
exploration company developing a promising portfolio of properties
in the mineral belts of Eastern Canada with a development strategy focused on a well-balanced property
portfolio in a politically stable environment with a history of
rich mineral endowment.
On July 25, 2013
shareholders of the Company approved the merger with Silvore Fox, a
Canadian junior explorer listed on the TSX Venture Exchange (see
press release dated July 25, 2013). Following this
transaction Beijing Donia Resources Co. Ltd.,
a Chinese state owned company, has become Golden Share's largest
shareholder with approximately 21.9% of its issued and outstanding
shares. Sinotech Minerals Exploration Co. Ltd., a leading Chinese
mineral exploration and development company, is a 50.03%
shareholder of Beijing Donia Resources Co. Ltd
(For further details please see
the recent Sinotech corporate presentation
on: http://www.goldenshare.ca).
This new Chinese
partner recognizes the value of Golden
Share's well balanced portfolio of properties
located in Quebec and Ontario and sees the
merged entity as an ideal platform to further develop its
activities in exploration and development in North America, and
notably in Eastern Canada, a politically stable environment with a
history of mineral endowment.
Golden Share's
exploration programs are executed under the supervision of Mrs.
Laurence Huss, M.Sc., P. Geo., a << Qualified Person >>
as defined in National Instrument 43-101, and Vice-president
Exploration of Golden Share. Philippe Giaro,
P.Geo., President and CEO of Golden Share and Qualified Person for
Golden Share, has reviewed and approved the content of this
release.
FOR
MORE INFORMATION, CONSULT: http://www.goldenshare.ca
OR OUR FACEBOOK
PAGE AT:
http://www.facebook.com/#!/profile.php?id=100001472712018&v=wall
Golden Share
Mining Corporation
Philippe Giaro, President &
CEO
Tel: 1-905-968-1153 or Tel:
32-473-52-30-29
E-mail:
phgiaro@skynet.be or
E-mail: info@goldenshare.ca
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
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