Trading Symbol: AGS - TSX VENTURE
EDMONTON, Aug. 23 /CNW/ - Agau Resources, Inc. ("Agau") announces Navoro
Mining, LLC ("Navoro"), a wholly owned subsidiary of Agau, has entered into an
option agreement with 695491 Alberta Ltd. ("695") a corporation owned equally
by Kenneth Richardson, a major shareholder of Agau, and five other members of
his family for acquisition of an interest in fourteen mineral claims (the
"Claims") in the Salome, Arizona area. Each Claim contains twenty acres for a
total of two hundred and eighty acres, more or less. Navoro has engaged a
geologist to evaluate the property which has been the subject of previous
Particulars of the option are:
- Navoro will earn a 75% interest by spending $800,000 on the Claims by
December 31, 2011;
- an additional 15% will be earned by spending a further $200,000 by
December 31, 2012;
- 695 will retain a 10% working interest and a 2% net smelter return
("NSR") in the Claims; and
- Navoro will have the right to purchase one percentage point of the
NSR (this being one half of the NSR retained by 695) for $1,000,000
at any time.
The acquisition and documentation is subject to approval of Agau, its
solicitors and any required regulatory authorities.
In its April 10, 2007 press release Agau reported Navoro was in the
process of registering its interest in six mineral claims in the Aguila,
Arizona area. This has now been completed and a geologist has been engaged to
assess the potential of the claims. It has not yet been determined if Navoro
will be able to acquire a valid interest in the additional fourteen claims
mentioned in the April 10th press release.
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY
OR ADEQUACY OF THIS RELEASE.
For further information:
For further information: concerning the above, please contact Einar N.
Myrholm, President, at (780) 413-9392, facsimile (780) 496-9307 or at