Independence Gold Options the Grizzly and Aspen Properties, White Gold District, Yukon
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/13/12 -- Independence Gold Corp. (TSX VENTURE: IGO) ('Independence Gold' or 'the Company') is pleased to announce that the Company has executed a Letter of Intent ('the LOI'), subject to regulatory acceptance, with Lucky Strike Resources Ltd. ('Lucky Strike') to explore and advance the Grizzly and Aspen properties located in the White Gold District, Yukon.
Under the terms of the LOI, Lucky Strike may acquire an initial 60% interest in the Grizzly and the Aspen properties by making aggregate cash payments of $200,000, issuing a total of 600,000 shares and incurring an aggregate $3,000,000 in exploration expenditures. After vesting of a 60% interest, Lucky Strike may acquire an additional 10% interest in the two properties by making an additional cash payment of $250,000, issuing an additional 500,000 shares and incurring an additional $2,500,000 in exploration expenditures on the properties. Independence Gold will act as the operator for both the Grizzly and the Aspen projects during the first year of the LOI.
Independence Gold staked the Grizzly and Aspen properties in 2011 to cover areas believed to be underlain by favourable geology. Both properties are located in the White Gold Area of western Yukon, and are respectively located 118 and 150 kilometres (km) southeast of Dawson City. The Grizzly Property is comprised of 600 claims (approximately 12,540 hectares) and the Aspen Property is comprised of 510 claims (approximately 10,660 hectares). 2011 exploration on both properties consisted of geochemical soil sampling. For additional information please visit the Company's website www.ingold.ca.
David Pawliuk, P.Geo., the Company's Qualified Person as defined by National Instrument 43-101 for the White Gold District Projects, has reviewed the technical information in this news release.
INDEPENDENCE GOLD CORP.
Randy Turner, President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.