OAKVILLE, ON, April 25, 2012 /CNW/ - Giyani Gold Corp. (TSXV: WDG) ("Giyani Gold" or the "Company") is pleased to announce it has acquired an additional 985 Ha of claims in the form of certain surface and mineral rights situated in Keating Township, Ontario (the "Lands"), contiguous to Giyani Gold's Abbie Lake-Keating Property. This acquisition positions the Company with a total of 8,760 Ha located in a highly prospective geological setting for gold.
Mr. Bob Middleton, VP of Exploration, stated: "A portion of these newly acquired Lands host an extension of the quartz - eye porphyry previously identified on the Abbie Lake-Keating Property. This is significant as the largest discoveries and producing mines in the Timmons region host similar porphyries."
The Company and 2299895 Ontario Inc. ("2299895"), a subsidiary of the Company, have entered into an agreement with 2099840 Ontario Inc. o/a Emerald Geological Services ("Emerald"), a private arms-length entity to the Company, which entitles 2299895 to acquire a 100% interest in the Lands in exchange for a combination of consideration comprised of: $126,600 in cash payable over three years; $100,000 in exploration expenditures and other work programs, and up to 200,000 shares in 2299895 over a period of three years, which shares are exchangeable into shares of Giyani Gold, subject to satisfaction of certain conditions. The total current value of the maximum consideration payable if all conditions are satisfied is $426,600. Under the terms of the agreement, Emerald has agreed to relinquish its license and rights in the Lands and to allow 2299895 to acquire its interest and rights in the Lands under license from a private corporate entity that is arms-length to the Company and is the owner of the Lands, in exchange for an annual fee payable to that party.
The exploration program was supervised by Robert S. Middleton P.Eng. Mr. Middleton acted as the Qualified Person for the Company.
Giyani Gold has appointed Ms. Jo-Anne Archibald from DSA Corporate Services Inc. ("DSA") as Corporate Secretary. Ms. Archibald is currently the President of DSA, a trusted name in the delivery of corporate secretarial services for reporting issuers.
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On behalf of the Board of
Giyani Gold Corp.,
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Giyani Gold Corp.
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