Golden Goose to proceed with sale of Lac Levac nickel property to Nemaska

MONTREAL, Dec. 29 /CNW Telbec/ - Golden Goose Resources Inc. (TSX-V: GGR) (the "Company") announces that it has received notification from Nemaska Exploration Inc. ("Nemaska") that subsequent to closing of their initial public offering ("IPO"), Nemaska intends to exercise its option for the purchase of the Lac Levac property, located 216 km north of Chibougamau in the James Bay area of northern Quebec, on or before December 31st, 2009. The option, originally granted on August 12th and amended on November 13th (for further detail please corresponding press releases), was coming to expiry on December 31st 2009.

The Company should receive at the exercise of the option $450,000 in cash, $2.1 million in stock and warrants (at the price of the IPO) on December 31st, after which Nemaska intends to fully close the transaction on or around January 7th 2010, where Golden Goose Resources will receive in addition to the above $1 million in a convertible debenture 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 3,000 metre 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, perron@goldengooseres.com; www.goldengooseres.com; Renmark Financial Communications Inc.: Dan Symons: dsymons@renmarkfinancial.com; Jason Roy: jroy@renmarkfinancial.com; Media - Valérie Lacasse: vlacasse@remarkfinancial.com; (514) 939-3989, (416) 644-2020; www.renmarkfinancial.com

Organization Profile

GOLDEN GOOSE RESOURCES INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890