VANCOUVER, Sept. 24 /CNW/ - Ralph Rushton, a Director of Radius Gold Inc. (TSX-V: RDU), is pleased to report that with the graduation of Focus Ventures Ltd. ("Focus") to Tier 2 of the TSX Venture Exchange, the assignment agreement announced on March 18, 2009 between Radius and Focus covering the Nueva California gold project in Peru has been approved by the Exchange.
As per the terms of the agreement, Focus has issued one million common shares in the capital of Focus to Radius, and paid Radius US$50,000 cash. Focus has also granted to Radius a 1.5% net smelter return royalty on the property. At the close of markets on September 23, Focus' shares traded at $0.64.
Simon Ridgway, the President and CEO of Radius, commented: "Radius now has a solid stake in future exploration success at Nueva California. We're excited to watch this project progress and look forward to seeing drill results in the near future."
Radius Gold Inc. has been exploring for gold in Central America for nearly a decade, and management is currently assembling a portfolio of royalties and joint ventures on promising gold projects across the Americas. In Guatemala, under joint venture with Kappes Cassidy, Radius is developing a small, high grade gold mining operation on the Tambor project. In Nicaragua, B2Gold is exploring Radius' extensive land holdings and investigating early gold production opportunities from the Pavon project.
ON BEHALF OF THE BOARD
Ralph Rushton, Director
Investor relations: Ralph Rushton/Erin Ostrom
Symbol: TSXV-RDU; OTCBB-RDUFF
Shares Issued: 53.5-million
Neither the TSX Venture Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Radius Gold Inc.
For further information: For further information: on Radius Gold Inc. and its properties, please call toll free 1-888-627-9378 or visit our web site (www.radiusgold.com)