Goldbank Mining Corporation (“Goldbank”)(TSX.V-GLB) is very pleased to announce that it has now acquired 100% legal and beneficial title to the Leota Gold Property located in the historical Klondike Goldfields, Yukon Territory, Canada.
The Leota Gold Property (“Leota”) is a block of 1043 hard rock “quartz” claims in the famous and prolific Klondike Goldfields region of the Yukon Territory. These important quartz mineral claims cover more than 20,000 hectares or 200 square kilometers.
“This is an exciting development for Goldbank and its shareholders”, stated Jim Boyce, president of Goldbank. “We can now press on and aggressively explore and develop the highly prospective Leota claims for the benefit of Goldbank, its shareholders and other stakeholders in the area.”
Leota is located immediately adjacent to and east of Sean Ryan’s White Gold Corp.’s (WGO), Crown Jewel property and east and north of Klondike Gold Corp.’s property near Hunker Creek. Leota is 25 to 50 km by paved road from Dawson City. Leota has excellent access and infrastructure for exploration. Numerous successful placer gold operations are located in placer gold mining claims on the Leota property.
Goldbank will issue 300,000 common shares to complete the final acquisition payment for Leota and become registered owner of a 100% legal and beneficial interest in the 1,043 quartz mining claims. The Leota property is subject to a 3% NSR royalty, one half of which may be acquired for $500,000 per each 0.5%. All litigation respecting the Leota Property has ended.
Goldbank has also agreed to a private placement of up to $600,000 at a price of $0.075 per unit in connection with its acquisition of 100% of Leota. Each unit consists of one common share and one-half of a three-year transferable warrant with one warrant entitling the holder to purchase one additional common share of Goldbank at a price of $0.15 per share. Part of the financing will be issued on a flow-through basis. Certain directors and officers are participating in the financing as approved by independent directors. Goldbank is relying on an exemption from the related party requirements of MI 61-101.Finder’s fees may be paid on a portion of the private placement. The financing including any finder’s fees to be paid is subject to acceptance for filing by the TSX Venture Exchange.
The technical content of this news release was reviewed and approved by geologist Dr. Bohumil (Boris) Molak, PhD., P.Geo (BC), a qualified person under National Instrument 43-101.
Goldbank Mining Corporation is a Canadian exploration company actively exploring for gold in the Klondike Goldfields near Dawson City, Yukon, Canada.
For further information please e-mail email@example.com
GOLDBANK MINING CORPORATION
PER: “James Boyce” Suite 702 – 889 West Pender Street
Vancouver, BC CANADA V6C 3B2
JAMES BOYCE Telephone: 604.683.3288
President & CEO Toll Free: 1.888.880.2288
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.