MONTREAL, Jan. 15 /CNW Telbec/ - Golden Goose Resources Inc. (TSX-V: GGR) (the "Company") announces that it has sold to Nemaska Exploration Inc. ("Nemaska"), the Lac Levac and Lac des Montagnes properties, located 216 km north of Chibougamau in the James Bay area of northern Quebec.
The Company has received $450,000 in cash and 4,285,714 shares and 4,285,714 warrants of Nemaska. Golden Goose Resources has also received in addition to the above, $1 million in a convertible debenture redeemable over the next 36 months and a 2% NSR on the properties it will surrender to Nemaska.
Francois Perron, President and CEO of Golden Goose, said: "This transaction allows for value creation in the near term from both assets by focused management teams. Our equity participation in Nemaska will allow us to continue to participate in the upside of this project, while the proceeds of the option will assist us in our efforts advance our Magino gold project as we will begin the new year with more than $2 million in cash on hand and $3.1 million in securities of Nemaska (at the price of the IPO). In the coming months, we look to continue both the exploration campaign outside the existing resource envelope and scoping study on the existing resource envelope, which is expected in March 2010".
ABOUT GOLDEN GOOSE RESOURCES
Golden Goose Resources Inc. is a Canadian public company listed on the TSX Venture Exchange under the symbol GGR. The Company is principally engaged in mineral exploration and acquisition and has a portfolio of gold, platinum group metal and nickel properties in Ontario and Quebec.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For further information: For further information: Golden Goose Resources Inc.: Francois Perron, President and CEO, 1-888-928-4667, Fax: 1-888-494-5371, firstname.lastname@example.org, www.goldengooseres.com; Renmark Financial Communications Inc.: Dan Symons: email@example.com; Jason Roy: firstname.lastname@example.org; Media - Valérie Lacasse: email@example.com, (514) 939-3989, (416) 644-2020, www.renmarkfinancial.com