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Galena International Resources Ltd.
Summary
| Project: | Mikwam | |
|---|---|---|
| Deposit: | Mikwam | |
| Location: | Canada | |
| Commodities: | Gold | |
| Date: | 12/12/2016 | |
| Report Code: | NI43-101 | |
| Report Type: | Supporting Acquisition | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 12-12-2016: Galena International Resources Ltd. announces a Supporting Acquisition report for its Mikwam deposit at the Mikwam project. Summary of property in support stock exchange listing. Caracle Creek International Consulting Inc. ("Caracle Creek") of | |
| Resources: | (Resource, Inf.): 1.81Mt @ 2.34g/t Au for 136000oz Au contained | |
| CP/QP: | [Resources]: Jason Baker (Caracle Creek International Consulting Inc.) | |
| ABSTRACT: | Caracle Creek International Consulting Inc. ("Caracle Creek") of Toronto, Ontario, Canada was contracted by Galena International Resources Ltd. ("Galena International") of Vancouver, British Columbia, Canada, to review and update the Independent Technical Report for the Mikwam Gold Property (the “Property”), originally issued October 16, 2013. The updated Independent Technical Report (the "Report"), compliant with National Instrument 43-101 ("NI 43-101"), companion policy NI 43-101CP and Form 43-101F1, includes a review of the Mineral Resource Estimate also issued in the October 16, 2013 report. The purpose of this Report is to support Galena International’s intention to move from the NEX to the TSX Venture Exchange (TSX-V) using the Mikwan Gold Property as its Qualifying Property. Pursuant to an Option Agreement, dated November 29, 2016 Galena International acquired an option to acquire (the “Option”) the Property from ALX Uranium Corp.’s (“ALX”), wholly-owned subsidiary, Alpha Exploration Inc. in consideration of a cash payment of CAD$25,000 and the issuance of 2,000,000 common shares of Galena International to ALX. In order to exercise the Option, Galena must make additional cash payments totalling CAD $225,000, or, at Galena’s option, issue an aggregate of 2,000,000 additional shares, on or before the third anniversary of the Option Agreement. In addition, on closing of the Acquisition, Galena International will grant ALX a net smelter return royalty (the “NSR Royalty”) equal to 0.5% of Net Smelter Returns from the Property. Galena International has the right, at any time, to acquire the NSR from ALX in consideration of a cash payment of C$1,000,000. | |
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