Toronto, Ontario--(Newsfile Corp. - September 13, 2012) - Shield Gold Inc. (TSX-V: SHG) (the “Company”) is pleased to announce that it has signed an agreement, subject to regulatory acceptance, to acquire a 100% interest in a further 16 mining claims representing 800 hectares in Buckingham Township in southwestern Québec, contiguous with the 22 claims announced on May 15, 2012. The property being acquired now includes a total of 38 claims covering 1,900 hectares and is noted in historical reports as hosting occurrences of disseminated flake graphite. The claims are located in the Central Metasedimentary Belt of the Grenville geological province.
The Agreement: Shield Gold has an option (the “Option”) to earn a 100% interest in the additional claims by making the following payments and issuing the following numbers of common shares of the Company to the vendors: (i) $3,000 on or before the date of regulatory approval of the Option (the “Payment Date”); (ii) 200,000 shares within five (5) days of the Payment Date; (iii) $6,000 and 100,000 shares on the 1st anniversary of the Payment Date; (iv) $8,000 and 100,000 shares on the 2nd anniversary of the Payment Date; and (v) $10,000 and 100,000 shares on the 3rd anniversary of the Payment Date. In addition, the Company agrees to incur a work commitment totaling $72,000 during the three-year term of the Option.
The content of this press release has been reviewed and approved by Mr. John M. Siriunas, P.Eng., a Qualified Person as defined by National Instrument 43-101.
About Shield Gold Inc.: Shield Gold is a junior exploration company whose mission is the discovery and development of high quality precious metal, base metal and mineral resources. The Company has entered into option and joint venture agreements with Eloro Resources Inc. on the Summit-Gaber property and with Virginia Mines Inc. on the La Grande Nord property. The contiguous properties are located in the La Grande Greenstone Belt in the James Bay region of Québec. The Company’s graphite exploration programs are located in the Buckingham and Lochaber Townships of southwestern Québec.
For more information, please contact:
Howard Sinclair-Jones, President
Tel.: 416-654-1408 Email:
hsj@shieldgold.com
Website: http://www.shieldgold.com
Neither 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.
Source: Great Lakes Graphite Inc.