TSX VENTURE: GNH
PINK SHEETS: GOLHF
MONTREAL, Sept. 17, 2012 /CNW/ - Golden Hope Mines Limited ("Golden Hope" or the "Company") (TSX VENTURE: GNH) (Pink Sheets: GOLHF) - Golden Hope Mines is pleased to announce it has entered into an option agreement (the "Agreement") to acquire from a prospector (the "Prospector") a 100% right, title and interest in 4 claims (the "Property") located in the Bellechasse/Beauce Region of southeastern Quebec.
To exercise the option, Golden Hope is required to: (i) pay $25,000 to the Prospector on or before August 31, 2013 (of which an initial payment of $10,000 is payable on signing the Agreement), and (ii) issue 100,000 common shares of Golden Hope to the Prospector on or before August 31, 2013.
Upon the Company having exercised the option in accordance with the Agreement, thereby acquiring a 100% right, title and interest in and to the Property, the Prospector will retain a 2% net smelter return royalty on the Property, of which 1% can be bought back by the Company, at any time and at its sole discretion, for the sum of $1,000,000. The transaction is subject to, among other things, the approval of the TSX Venture Exchange. The securities issued under the Agreement will be subject to a four (4) month hold period from the date of issuance.
Golden Hope Mines currently holds a total of 459 claims totaling 18,990 hectares in southeastern Quebec.
The following corrects the release that was issued June 21, 2012. The previous version noted that Golden Hope had issued 250,000 options to Mr. Arvind Jain at an exercise price of $0.09 per share. This is incorrect. The correct exercise price should read as $0.10.
About Golden Hope:
Golden Hope is a mineral exploration company that seeks to grow shareholder value through the acquisition, exploration and development of potentially large-scale gold and base metal projects suitable for underground and/or open-pit mining. The Company's focus is in southeastern Québec, Canada. The Company's claim blocks lie within an area that extends approximately 100 kilometres along the Appalachians of southern Québec from near Ste-Lucie-de-Beauregard to approximately 16 kilometres southwest of Beauceville. The Bellechasse-Timmins gold deposit lies 5 kilometres southeast of St-Magloire within the Bellechasse Belt, an approximately 18 kilometre long mineralized area. The Bellechasse-Timmins gold deposit includes the T1, T2A, T2B, Ascot/Road gold zones, and the 88 Diorite. The Company is also looking to develop the Champagne zone, a partially explored base metal and gold deposit that lies within the Company's Bellechasse Belt claims. A recently completed VTEM survey may identify other similar targets along the horizon. The Company is also working to develop other targets within its claim blocks including the FSG gold and base metal target, Chute du Bras, the LG showing, Moose Cliff, and Talon. For further information on Golden Hope please visit www.goldenhopemines.com.
Statements Regarding Forward-Looking Information: Information set forth in this news release by Golden Hope Mines Ltd. may contain forward-looking information within the meaning of Canadian securities laws. Forward-looking information includes statements that relate to future, not past, events. In this context, forward-looking information often addresses the Company's expected future business and financial performance, and often contains words such as "anticipate", "believe", "plan", "estimate", "expect" and "intend", statements that an action or event "may", "might", "could", "should" or "will" be taken or occur, or other similar expressions (including negative and grammatical variations). Such information includes plans, timing and expectations for updates of the Company's resource estimate; expectations regarding the Company's planned exploration activities and budget; the timing for receipt of drilling and assay results; and plans for further exploration and drilling at Bellechasse-Timmins and Champagne/VMS and other targets along the Bellechasse Belt. By their nature, forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the following risks: the risks associated with any outstanding litigation; risks associated with exploration activities and project development; timing of and unexpected events regarding the receipt and interpretation of drilling and assay results; delays in the preparation of resource estimate updates; the need for additional financing; operational risks associated with mineral exploration; fluctuations in gold and other commodity prices; title matters; technical and permitting issues; environmental liability claims; insurance matters; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume; the impact of taxation; and general economic conditions. Forward-looking information is based on management's beliefs, estimates and opinions on the date hereof and the Company undertakes no obligation to update any forward-looking information if these beliefs, estimates and opinions or other circumstances should change. Investors are cautioned against attributing undue certainty to forward-looking information.
Any historical mineral quantities set forth herein are, unless otherwise indicated, not compliant with National Instrument 43-101.
SOURCE: Golden Hope Mines Limited
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