October 7, 2011 - Goldbank Mining Corporation (TSX.V-GLB) is pleased to announce it has acquired an additional 24% of the Leota Gold Property by issuing a further 3,000,000 common shares to the vendors, Mr. Mark Pocklington and Mr. Ross Weitzel. Goldbank now holds a 75% beneficial interest in and to the Leota Gold Property. The issued shares have a hold period until February 8, 2012. Click here for a pdf version of the news release.
The Leota Gold Property is located in the eastern region of the Klondike Gold Fields, Yukon. The Leota Gold Property overlies the principle eastern ridges and tributaries of Hunker Creek, a placer-gold producing watershed.
Goldbank can acquire the remaining 25% interest in the Leota Gold Property by issuing an additional 3,000,000 common shares at any time prior to October 15, 2014. There are no further cash, share or exploration expenditure requirements. A total of 9 million shares have now been issued to Mr. Mark Pocklington and Mr. Ross Weitzel. The Leota Gold Property is subject to a net smelter royalty of 3% (“NSR”), up to half of which may be bought out by Goldbank at any time for one or more payments of $500,000 for each 0.5% of the NSR totaling $1,500,000. Upon Goldbank receiving a positive feasibility study confirming more than 4 million ounces of gold or gold equivalent reserve on the Leota Gold Property, or if Goldbank produces more than 4 million ounces of gold from the Leota Gold Property, then a further 2,000,000 fully paid and non-assessable common shares will be issued to the Vendors.
Goldbank is a Canadian exploration company actively exploring for gold at the Leota Gold Property in the historic Klondike Gold Fields near Dawson City, Yukon, Canada. Goldbank also holds a 51% interest in the Buck Lake Platinum Palladium Nickel Property in Northwestern Ontario.
For further information please contact Goldbank’s president, Anthony J. Beruschi B.Sc. LLB.
GOLDBANK MINING CORPORATION
|Anthony J. Beruschi
President & CEO
|Suite 605 - 889 West Pender Street
Vancouver, BC CANADA V6C 3B2
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. nvestors 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.