VANCOUVER, April 21 /CNW/ - Guyana Frontier Mining Corp. ("Guyana
Frontier") is pleased to announce that it has exercised its option to
acquire a 100% interest in the Five Star - Case property (the
"Property") in northwestern Guyana, South America. The Property
consists of 14 mining permits totaling approximately 13,220 acres
Guyana Frontier exercised its right to acquire the Property by
fulfilling its obligations pursuant to a property option agreement
between Case Development Company Limited ("Case") and Guyana Frontier,
dated August 15, 2009 (see Guyana Frontier news releases dated August
18, 2009, August 21, 2009, and April 12, 2010).
Guyana Frontier acquired its 100% interest in the Property by paying to
Case an aggregate of US$85,000 and by issuing a total of 400,000 common
shares of Guyana Frontier. The Property is subject to a 3% net smelter
returns royalty ("NSR") payable to Case. Guyana Frontier has the
option, at any time prior to commencement of commercial production on
the Property, to reduce the NSR to 0% by paying Case an aggregate
amount of US$3,000,000. Pursuant to an option agreement between Guyana
Frontier and Mulgravian Ventures Corp. ("Mulgravian"), Mulgravian can
earn a 51% interest in the Property from Guyana Frontier.
A finder's fee consisting of US$5,000 cash and 40,000 common shares of
Guyana Frontier was payable upon the option exercise to an arm's length
Neither the 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.
SOURCE Guyana Frontier Mining Corp.
For further information:
For further information about Guyana Frontier, please visit our website at www.guyanafrontier.com or contact Warren Stanyer, Chairman and Chief Operating Officer, or David A. Bending, President and CEO, at 604-533-9288.