Animas Sells Kinsley Mountain Interest to Pilot Gold Inc.
September 21 2011 - 9:00AM
Marketwired
Animas Resources Ltd. (TSX VENTURE: ANI) is pleased to announce
that it has signed a letter of intent to sell our interest in the
Kinsley Mountain gold project in Nevada to Pilot Gold Inc. ("Pilot
Gold").
Kinsley Mountain Property, Nevada
Kinsley Mountain was optioned by Animas in April, 2010 from
Nevada Sunrise Gold Corp. and is located in eastern Elko County,
Nevada, between the towns of Ely and Wendover. Gold mineralization
at Kinsley is hosted within a section of Cambrian sedimentary rock
units including limestone, dolomite and shale. This mineralization
exhibits characteristics similar to other sedimentary-rock hosted
"Carlin-type" gold deposits in northeastern Nevada.
Pilot Gold has agreed to acquire Animas' interest in the Option
Agreement for a cash payment of US$350,000, representing Animas'
expenditures to date on the project, and a total of 150,000 common
shares of Pilot Gold to be issued to Animas over a three year
period.
Pilot Gold now has the right to earn a 51% interest in the
Kinsley Mountain property by spending $1.5 million in exploration
expenditures by March 30, 2013, of which approximately $316,000 has
been spent to date. A joint venture will be formed when Pilot Gold
has earned its 51% interest. Upon earning its initial interest,
Pilot Gold may elect to spend a further $3 million in exploration
expenditures to earn an additional 14% interest for a total
interest of 65%. Pilot Gold also has the right to earn up to 75%
interest by paying for and completing a Pre-feasibility Study.
During the option period, Pilot Gold will now be the operator
for the Kinsley Mountain Project.
Animas' President, John R. Wilson, commented that, "Animas is
focused on moving the Santa Gertrudis Gold Project ahead and
continuing to review new potential projects in Mexico where the
team is focusing their efforts, and we are glad that the Kinsley
Mountain Project will continue to be explored by the experienced
team at Pilot Gold. Animas will still have exposure to the
potential success of the project through our shareholding in Pilot
Gold."
Financing
On August 31, 2011, the Company announced that it will raise
$3.4 million by a non-brokered private placement consisting of
17,000,000 units (a "Unit") at $0.20 per Unit, subject to
acceptance by both the TSX Venture Exchange and the Shareholders of
the Company. Each Unit is comprised of one common share and one
whole non-transferable common share purchase warrant with each
warrant entitles the holder to purchase one additional common share
for a period of 24 months at a price of $0.30 per common share. The
securities will have a four-month hold from the date of closing.
The warrant terms have been corrected herein to note that the
warrant being issued with the Unit is a full warrant.
Options
Animas' Board of Directors has also approved the grant of
200,000 options to an officer at $0.24 expiring on September 19,
2016.
About Animas Resources Ltd.
Animas Resources Ltd., a North American mineral resource company
focused on acquisition and discovery, consolidated the Santa Teresa
District's Santa Gertrudis precious metal and related deposits and
prospects within a 562 square kilometer land holding. Our mission
is to grow Animas Resources through development, discovery and
acquisition of high-quality mineral deposits and to build upon the
historic gold resource base at Santa Gertrudis, Mexico, and
maintain a pipeline of only the highest quality projects.
This news release was prepared by Company management, who take
full responsibility for its content. The technical disclosure in
this press release has been reviewed by Roger C. Steininger, a
Qualified Person as defined by National Instrument 43-101 of the
Canadian Securities Administrators.
For additional information, contact Animas Resources Ltd. at
604-687-6197, or you may register to receive future news releases
at www.animasresources.com.
John R. Wilson, Chief Executive Officer, President
This press release contains "forward-looking information" which
may include, but is not limited to, statements with respect to
drilling plans, timing of our planned NI 43-101 resource report,
timing of assays, resource estimates, projections, our planned
exploration and drilling programs, the availability of future
financing for exploration and other plans, projections, estimates
and expectations. Such forward-looking statements reflect our
current views with respect to future events and are subject to
certain risks, uncertainties and assumptions, including, the risks
and uncertainties outlined in our most recent financial statements
and reports and registration statement filed with the Canadian
securities administrators (available at www.sedar.com). Should one
or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those anticipated, believed, estimated or
expected.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Animas Resources Ltd. John R. Wilson Chief Executive
Officer, President 604-687-6197 604-688-3392 (FAX)
www.animasresources.com
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