Posts Tagged Cedar Mountain

Spanish Mountain Gold Acquires Cedar Mountain Property

Posted by admin in News Releases, Property Agreements on June 16th, 2010

Spanish Mountain Gold Ltd. (”the Company”) (SPA-TSXV) announces that the Company and Cedar Mountain Exploration Inc. (”Cedar Mountain”) have entered into a binding agreement whereby the Company will acquire a 100% interest in the Cedar Creek Property from Cedar Mountain (”the Transaction”).

The Cedar Creek Property (the “Property”), which occupies an area of approximately 14 square kilometers (or 5 square miles), is contiguous to the western boundary of the Company’s flagship Spanish Mountain Gold Project near Likely, British Columbia. The location of both properties occupying a combined area of over 51 square kilometers (or 20 square miles) is shown in the maps (Fig. 1 & Fig. 2) attached to this news release.

Details of the Transaction are as follows:

  • The Company may acquire a 100% undivided interest in the Property by making a cash payment to Cedar Mountain of CAN$500,000.
  • The 100% undivided interest in the Property is subject to an underlying net smelter return (”NSR”) royalty of 2.5% in favour of a third party. The royalty may be purchased by the Company through the payment to the holder of the royalty CAN$500,000 per 1% NSR.

The maps attached to this release also display areas of the Property that are considered to be prospective for gold mineralization.

Brian Groves, President and CEO of the Company commented: “Our primary focus is the advancement of our Spanish Mountain Gold Project. We have identified areas on the Cedar Creek Property and close to the common property line which we believe have the potential to host gold mineralization. We will work quickly to better define these areas as targets for drilling.”

About Spanish Mountain Gold

Spanish Mountain Gold Ltd is focused on advancing its flagship Spanish Mountain gold project in central southern British Columbia. The Company has a current cash position of approximately $7.0 million and has applied for Mineral Exploration Tax Credit refund from the Province of British Columbia totaling $1.9 million. These funds are expected to be received in the second quarter of 2010.

On Behalf of the Board,
SPANISH MOUNTAIN GOLD LTD

Brian Groves

Brian Groves.
President and CEO

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Cedar Mountain Announces Private Placement

Posted by admin in Financials, News Releases on August 17th, 2009

Cedar Mountain Exploration is pleased to announce that it intends to complete a non-brokered private placement of up to 5,000,000 units at a price of $0.10 per Unit for gross proceeds of $500,000 if fully subscribed. Each Unit shall consist of one common share of the Corporation and one Common Share purchase warrant. Each Warrant entitles the holder to acquire one Common Share for a period of 24 months following the closing of the Offering at an exercise price of $0.15 per Common Share in the first 12 months of the Exercise Period and at a price of $0.20 per Common Share for the remaining 12 months of the Exercise Period. The Corporation may pay commissions or finder’s fees in accordance with the TSX Venture Exchange policies.

The Units will be sold to qualified purchasers in British Columbia, Alberta, Ontario, and any other Canadian jurisdiction at the Corporation’s discretion, in reliance upon exemptions from the prospectus and registration requirements of applicable securities legislation. Insiders of the Corporation may participate in the Offering. All securities issued in connection with this Offering are subject to a four-month hold period.

The Corporation intends to use the proceeds from the Offering for general working capital. The completion of the Offering is subject to TSX Venture Exchange and other regulatory approvals.

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