Fronteer Expands Gold Portfolio in Nevada With Acquisition of Nevada Eagle Resources From Gryphon Gold
April 26 2010 - 8:37AM
Marketwired
Fronteer (TSX: FRG)(NYSE Amex: FRG) announces the acquisition of
Nevada Eagle Resources LLC, a wholly owned subsidiary of Gryphon
Gold Corp. Through this transaction, Fronteer adds an additional 44
gold properties to its large Nevada growth pipeline, reinforcing a
commitment to creating value in a jurisdiction that is at the very
heart of the company's operations.
"This purchase is consistent with our strategy of building an
enduring gold growth business in Nevada by advancing a full
pipeline of high-quality projects, from exploration to production."
says Fronteer President and CEO Mark O'Dea. "While our unwavering
goal is to advance Northumberland, Long Canyon and Sandman into
production, we feel that this new portfolio has the potential to
provide significant near-term value to our shareholders through
both our technical and business development efforts."
The total cash purchase price is US$4.75 million. The portfolio
currently generates positive cash-flow from existing lease and
option payments. Estimated cash flow from the portfolio in 2010 is
US$437,000, in addition to shares in certain partner companies.
ABOUT FRONTEER
We intend to become a significant gold producer. Our solid
financial position and strong operational team give us the ability
to advance our key gold projects through to production. Our future
potential production platform includes our Long Canyon, Sandman and
Northumberland projects - all located in Nevada, one of the
friendliest gold-mining jurisdictions in the world. For further
information on Fronteer visit www.fronteergroup.com.
Except for the statements of historical fact contained herein,
certain information presented constitutes "forward-looking
statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and Canadian securities
laws. Such forward-looking statements, including but not limited
to, those with respect to potential for significant value in the
portfolio, the potential for expansion of mineralization and size
and timing of exploration and development programs involve known
and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievement of Fronteer to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors include, among others, risks related to
international operations and joint ventures, the actual results of
current exploration activities, conclusions of economic
evaluations, uncertainty in the estimation of mineral resources,
changes in project parameters as plans continue to be refined,
future prices of gold, environmental risks and hazards, increased
infrastructure and/or operating costs, labour and employment
matters, and government regulation and permitting requirements as
well as those factors discussed in the section entitled "Risk
Factors" in Fronteer's Annual Information form and Fronteer's
latest Form 40-F on file with the United States Securities and
Exchange Commission in Washington, D.C. Although Fronteer has
attempted to identify important factors that could cause actual
results to differ materially, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate as
actual results and future events could differ materially from those
anticipated in such statements. Fronteer disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
other than as required pursuant to applicable securities laws.
Accordingly, readers should not place undue reliance on
forward-looking statements.
NEWS RELEASE 10-15
Contacts: Fronteer Mark O'Dea President & CEO 604-632-4677
or Toll Free: 1-877-632-4677 Fronteer Troy Fierro COO 604-632-4677
or Toll Free: 1-877-632-4677 Fronteer John Dorward VP, Business
Development 604-632-4677 or Toll Free: 1-877-632-4677 Fronteer Glen
Edwards Director, Communications 604-632-4677 or Toll Free:
1-877-632-4677 info@fronteergroup.com www.fronteergroup.com
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