Kat Exploration Inc. Announces Option Agreement to Purchase 100% of the "Twi-Lite" High Grade Gold Property
December 21 2009 - 08:00AM
Marketwired
Kat Exploration Inc. ("Kat") (PINKSHEETS: KATX)
www.katexploration.com
The company is pleased to announce that further to its news
release on December 9, 2009 of a LOI it has now completed the
signing of an option agreement with Steve Courtney, a senior
prospector for the Twi-Lite gold property consisting of 48 claims,
located 14 kilometers southwest of Grand Falls-Windsor,
Newfoundland.
Kat has agreed to acquire a 100 percent interest in the Twi-Lite
property during a three-year period in consideration of total cash
payments of $144,000, which includes a payment of $18,000 on
signing $30,000 on first anniversary of the option agreement,
$46,000 second anniversary and $50,000 third anniversary. No shares
of Kat Exploration are involved in the deal.
Kat Exploration will be the operator of the project during the
option period.
"We are very pleased to have the Twi-Lite property as part of
our gold portfolio. It provides us with greater opportunity to
expand our position as a real gold player. The company's field
crews will now build on past work and examine high priority targets
which offer excellent potential for the discovery of new gold
mineralization.
"Our management team believes that Twi-Lite is a highly
prospective property based on strong exploration results to date,
its favorable geology and strategic location," said Ken Stead,
President and CEO of Kat Exploration.
Some results to date:
The Discovery Prospect: Zone of quartz veining and associated
silicification, high of 202 g/t Au (Visible Gold).
The Spring Pit prospect: bedded pyrite/mafic fault gouge (high
of 14.9 g/t).
The 320 Vein: zone of quartz veining and quartz breccias (high
of 16.6 g/t).
The Paddy's Pitt prospect: silicified and brecciated siltstone
(high of 23.80 g/t).
Information pertaining to the Twi-Lite property will be posted
to the website in the very near future.
About Kat Exploration
Kat Exploration's principal objective is to locate, stake, prove
up and sell mineral properties throughout the province of
Newfoundland. It is the Company's objective to take advantage of
increased activity to generate joint venture clients, and sales of
our existing and yet to be acquired properties.
This press release contains forward-looking information within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 and is subject
to the Safe Harbor created by those sections. This material
contains statements about expected future events and/or financial
results that are forward-looking in nature and subject to risks and
uncertainties. Such forward-looking statements by definition
involve risks, uncertainties and other factors, which may cause the
actual results, performance or achievements of Kat Exploration to
be materially different from the statements made herein.
Contact: Ken Stead President - CEO Office: 709-368-9223 Cell:
709-690-2908 Website: www.katexploration.com Email:
kstead@katexploration.com
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