TSX VENTURE: GNH
Pink Sheets: GOLHF
MONTREAL, Jan. 17, 2012 /CNW/ - Golden Hope Mines ("Golden Hope" or the "Company" TSX VENTURE: GNH, Pink Sheet: GOLHF) has signed a letter agreement (the "Agreement") whereby it proposes to acquire from a prospector (the "Prospector") a 100% stake in certain mining claims (the "Property") located in the Bellechasse/Beauce Region of South Eastern Quebec. These claims are adjacent to the Bellechasse-Timmins claim block and lie approximately 5 kilometers north east of the Company's Bellechasse-Timmins gold deposit.
Under the terms of the Agreement, Golden Hope Mines can acquire from the Prospector a 100% interest in the Property by paying an amount of $40,000 (of which a non refundable amount of $15,000 was paid on signing) and issuing 150,000 treasury common shares and after having incurred a total of $100,000 in work expenditures on the Property on or before February 15, 2013. Upon Golden Hope Mines having acquired a 100% interest in 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 and the signature of a definitive agreement. The securities issued under the Agreement will be subject to a four (4) month hold period.
The mineral claims acquired through this agreement cover the northeastern extensions of both the northern and southern Champagne horizons and make the Company's Bellechasse Belt claims contiguous for approximately 20km from Laval's Mountain in the northeast to the Beland showings in the southwest.
About Golden Hope Mines Limited:
Golden Hope Mines Limited 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 Quebec, Canada. The Company's claim blocks lie within an area that extends approximately 100 kilometres along the Appalachians of southern Quebec from near Ste-Lucie-de-Beauregard to about 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 eight known parallel gold-bearing breccias in the adjoining 88 Diorite. The Company is also working to develop other targets within its claim blocks including the FSG gold and base metal target, the St-Luc (Roux) target, Chute du Bras, the LG showing, Moose Cliff, and Talon. For further information on Golden Hope Mines Limited please visit www.goldenhopemines.com.
Image with caption: "Golden Hope Mines, Newly Acquired Claims, January 17 2012. (CNW Group/Golden Hope Mines Limited)". Image available at: http://photos.newswire.ca/images/download/20120117_C4558_PHOTO_EN_8992.jpg
For further information:
Public Relations Canada: Paradox Public Relations
Investor Relations USA:
American Capital Ventures
Richard Hull: 305-918-7000