Cougar Minerals Corp. Announces Sale of Rice Lake Claims To San Gold
27 September 2013 - 8:36AM
Access Wire
September
26, 2013 -
Cougar Minerals Corp. - TSX-V: COU
("Cougar" or the
"Company") is
pleased to announce that it has entered into a purchase and
sale agreement (the "Purchase Agreement") with San Gold Corporation
("San Gold") providing for the purchase by San Gold of a 100%
interest in 18 mineral claims (the "Mineral Claims") representing
approximately 2,885 hectares of land in the Rice Lake gold belt.
San Gold will pay Cougar a total consideration of 400,000 shares of
San Gold and $125,000 cash.
San Gold and Cougar are
parties to an option agreement dated June 14, 2011 (the "Option
Agreement") pursuant to which San Gold holds an option to acquire
80% of the Mineral Claims in consideration for certain exploration
expenditures on the Mineral Claims and the purchase of certain
securities of Cougar. Pursuant to the Option Agreement, San Gold
would have been required to spend an aggregate of $1.5 million in
exploration expenditures over a four year period to earn its 80%
interest in the Mineral Claims as well as purchase $600,000 of
securities of the Company. The Purchase Agreement will replace the
Option Agreement and upon closing of the acquisition of the Mineral
Claims by San Gold, the Option Agreement will terminate and be of
no further force or effect.
The sale of the Mineral Claims is subject to
certain closing conditions including all requisite regulatory
approvals, including the approval of the TSX Venture Exchange in
the case of Cougar and the Toronto Stock Exchange in the case of
San Gold. It is anticipated that the closing of the sale of the
Mineral Claims will take place next week.
COUGAR MINERALS
CORPORATION
For more information,
please contact:
Cougar Minerals Corporation
Murray Nye, President/CEO
(204)
989-2434
www.cougarminerals.com
s/
"Murray Nye "
Murray Nye
President
The TSX Venture Exchange, nor
its Regulation Services Providers (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. The information in this
release may contain forward-looking information under applicable
securities laws. This forward-looking information is subject to
known and unknown risks, uncertainties and other factors that may
cause actual results to differ materially from those implied in the
forward-looking information.
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