VANCOUVER, Aug. 8 /CNW/ - Quinsam Capital Corporation (TSX-V: QCA)
("Quinsam" or the "Company") today announced that its previously announced
Letter of Intent to obtain the right to earn a 51% interest in a number of
exploration properties in the Democratic Republic of Congo ("DRC") was
unlikely to be completed as certain conditions to completion of the LOI have
not and are unlikely to be fulfilled.
The Company is continuing discussions to acquire other exploration
properties in the DRC; however, the outcome of such discussions is uncertain.
The Company also announced that it has entered into an agreement to
extend its existing option on the Arbade-Richore property. Under the terms of
the amended agreement, the exploration expenditures required to be incurred by
the Company in order to earn its 51% interest in the property are now
$1 million over a 4 year period, including $300,000 in the first two years,
$300,000 in year 3 and $400,000 in year 4, commencing from the closing date of
the original option agreement. The Company shall pay to the property vendor
$5,000 and 50,000 common shares in additional consideration for entering into
the amending agreement.
The Exchange has neither approved nor disapproved the contents of this
For further information:
For further information: Roy Zanatta, President, Quinsam Capital
Corporation at (604) 224-0460 or firstname.lastname@example.org