Molycor Options Nevada Gold Property
23 February 2012 - 3:00AM
Marketwired
Molycor Gold Corp. (TSX
VENTURE:MOR)(PINKSHEETS:MLYFF)(FRANKFURT:M1V) ("Molycor" or the
"Company") is pleased to announce the completion of an option
agreement to Pilot Gold Inc. ("Pilot Gold") where by Pilot Gold
could earn a up to a 70% of the right, title and interest to
acquire the Griffon Gold property, located on the southern Battle
Mountain - Eureka trend 45 miles (75 km) south of Eureka,
Nevada.
The Griffon Property
Alta Gold produced approximately 90,000 ounces of gold from two
Carlin-type deposits hosted along the contact between the
Mississippian Chainman Shale and Joana Limestone. Including the
drill holes that defined the Discovery Ridge and Hammer Ridge
deposits, a total of only 208 historic drill holes have been
drilled, most of which were mined out. Griffon represents a very
target-rich opportunity. The companies believe strong potential
exists for the discovery of additional deposits at the same
favorable horizon beneath cover, and new, more extensive deposits
beneath the Joanna at the contact with the underlying Pilot Shale
Formation. Due to Alta Gold's bankruptcy, a proposed pit expansion
for the Hammer Ridge deposit was never approved, leaving an
undetermined amount of gold in the ground. The Griffon Property
consists of a core of 64 unpatented lode mining claims, plus 159
claims staked by Pilot within the AOI covering 4,401 acres (1,781
hectares).
Option Agreement Summary
The option agreement signed by Molycor allows Pilot Gold to earn
an initial 60% by paying Molycor a total of $US119,636 cash,
issuing 120,000 of its common shares and incurring $US750,000 in
exploration and development expenses over a four year period with
the right to earn an additional 10% in the Griffon Property. The
initial work commitment of $US100,000 must be completed prior to
the earlier of the 2nd anniversary of the agreement, or upon
receipt of first phase drilling permits.
About Pilot Gold Inc.
Pilot Gold is a gold exploration company led by a proven
technical team that continues to discover and define high-quality
projects featuring strong grades, meaningful size and
mining-friendly addresses. Pilot Gold's key assets include
interests in the Halilaga and TV Tower projects in Turkey, and the
Kinsley Mountain project in Nevada. Griffon will join Pilot Gold's
large future growth pipeline - a portfolio focused on high-quality,
sediment-hosted gold systems.
About Molycor Gold Corp.
Molycor is a diversified precious, speciality and base metal
exploration and development company focusing on magnesium,
molybdenum and gold exploration and development in North
America.
On Behalf of Management
Edward Lee, President
For all Molycor Gold Corp. investor relations needs, investors
are asked to visit the Molycor Gold Corp. website at
www.molycor.com.
This news release may contain certain "Forward-Looking
Statements" within the meaning of Section 21E of the United States
Securities Exchange Act of 1934, as amended. All statements, other
than statements of historical fact, included herein are
forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate, and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Company's expectations are disclosed in the
Company's documents filed from time to time with the TSX-Venture
Exchange, the British Columbia Securities Commission and the US
Securities and Exchange Commission. We seek safe harbor.
The TSX-Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Molycor Gold Corp. Edward Lee President 604-531-9639
604-531-9634 (FAX)info@molycor.com www.molycor.com
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