San Gold Corporation announced that they have acquired a 100% interest in the 114 minerals claims of Wildcat Exploration Ltd. The acquisition represents 17,450 hectares in the Rice Lake gold belt. The acquisition was paid by San Gold consisted of US$200,000 in cash and 2,380,952 of common shares of the San Gold Corporation. Under the terms of the new agreement, San Gold acquired a 100% interest in the Mineral Claims, enabling the company to retain the full value of all previous work that was completed on the properties. The deal also reduced the future net work expenditures by an estimated US$2.5 million.
Ian Berzins, San Gold's President, CEO and Chief Operating Officer, said, "Acquiring these claims will significantly reduce the Company's near-term exploration commitments while protecting investments already made in these highly prospective properties. This land purchase agreement is consistent with the Company's stated objective to curtail unnecessary spending in the near term while positioning the Company for continued growth within the Rice Lake gold belt pending the return of favorable gold prices."
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