QUEBEC CITY, QC, Oct. 29 /CNW Telbec/ - Excel Gold Mining Inc. (TSX
Venture: EGM) (hereinafter referred to as the "Purchaser" or "Excel Gold") is
pleased to announce that it has entered into a non binding letter of intent
for the ownership of the Evezza property (the "Property"). The letter
constitutes Excel Gold's 100% acquisition of the Property in exchange for more
than 5,850,000 units (the "Units"), each Unit comprising of one fully-paid and
non-assessable common share in the capital stock of the Purchaser valued at
$0.08 (the "Shares") and one half (1/2) Share purchase warrant (the
"Warrant"), each full Warrant allowing its holder to purchase one Share at a
price of $0.12 per Share for a period of twenty-four (24) months following the
Closing Date. The Shares will be issued once the entire Property as been
transfered to the Purchaser.
The Property is comprised of 113 claims covering an area of
6,309.49 hectares with an excellent discovery potential (Gold, Silver, Zinc;
hole 2100E-1 showing 5.54 g/t Au, 0.55%Zn over 0.8m), the Property is located
in the midle of the Matagami mining camp, which is located approximetly 250 km
north of the city of Val d'Or (Quebec).
The Property adds to Excel Gold's strong foothold in the province of
Quebec where it has recently finalised another important acquisition
(MONTAUBAN 1) in the Batiscan area. Excel Gold is also in the process of
finalizing the purchase of a second property in the Batiscan area (Montauban
2). Once finalized, this second acquisition in the Batiscan region will allow
Excel Gold to own 257 claims covering an area of 10,162.27 hectares.
The successful completion of this new acquisition is subject to certain
conditions including but not limited to, the receipt of all required
approvals, including the acceptance by the TSX Venture Exchange.
The TSX Venture has neither approved nor disapproved the content of the
present press release.
Excel Gold Mining Inc.
About Excel Gold
Excel Gold Mining is a mineral exploration company with siginificant
projects in five sectors of the mining resource industry. As seen it is
rapidly building a portfolio of projects focused on gold, silver and copper
and minor concentrations in zinc and lead in one specific area of Quebec.
Maps, photographs, detailed geologic reports and additional information will
soon be made available on our website that is under construction.
Forward looking Statement:
This document contains certain forward looking statements which involve
known and unknown risks, delays, and uncertainties not under the Company's
control which may cause actual results, performance or achievements of the
Company to be materially different from the results, performance or
expectation implied by these forward looking statements. This release has been
prepared by management - TSX Venture Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy of this news release.
For further information:
For further information: Daniel Pauzé, President, Excel Gold Mining
Inc., (514) 951-7776