Laurion Mineral Exploration Approved The Acquisition Requirements Of The TSX
October 18th, 2009 | File Under : Companies - Mineral Exploration
Laurion Mineral Exploration Inc. is pleased to report that it has received conditional approval from the TSX Venture Exchange for the proposed acquisition by San Gold Corporation with respect to the purchase of Laurion’s property interests in the Tisdale Township, which is composed of Laurion’s 31.5% interest in the Davidson-Tisdale property and Laurion’s 100% interest in the North Tisdale property.
On October 8, 2009, Laurion and San Gold announced that they had entered in to an Letter of Intent confirming San Gold’s intension to acquire Laurion’s Tisdale Properties in exchange in consideration of CAD$1,000,000 and 1,000,000 common shares of San Gold. The Corporation will retain a 2% NSR on the North Tisdale Claims. A formal agreement will be entered into between Laurion and San Gold upon completion of standard due diligence, expected to take approximately 60 days.
Laurion intends to use the proceeds of the sale of the Tisdale Properties for the acquisition of an advanced stage project. Laurion considers that it will be better positioned to generate greater shareholder value by directing its exploration expertise towards near-term production gold mining properties, versus grass roots properties.
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