Brookemont Capital Inc.: To Acquire a 63.4 Square Kilometre Gold Prospect Bordering Canaco in Tanzania
September 07 2010 - 4:04AM
Marketwired
Brookemont Capital Inc. (TSX VENTURE: BKT) ("Brookemont" or the
"Company") wishes to announce that it has entered into an option
agreement with an arm's length vendor to acquire a 63.4 square
kilometre property located in the Handeni Region of Tanzania
("Handeni West Prospect"). This prospect is bordering Canaco
Resources Inc.'s ("Canaco") Handeni Prospect in Tanzania.
Conrad Clemiss, President of Brookemont stated, "This is a major
transaction for Brookemont. Tanzania is one of the best mining
regions in Africa and having a property of this substantial size
bordering Canaco could have an important influence on Brookemont's
future growth. Canaco may have a major discovery, including 23
metres of 19.14 g/t gold (July 12, 2010) on their Handeni Tanzanian
Property. This discovery has created significant market attention
recently in regards to Tanzania. Our immediate plan is to
aggressively explore this project. Brookemont is also scheduled to
commence operations on its White Gold Yukon prospect any day, which
borders Underworld's discovery and is just north of Kaminak's
Coffee discovery. Couple these exciting projects with having
approximately 25 million shares outstanding, management is
optimistic and is looking forward to the short and long term
prospect of Brookemont's corporate growth."
According to the vendor, "The property was first investigated in
2004/5 when Ashanti Goldfields Corporation completed geological
mapping and geochemical exploration work. They were responding to
the presence of artisan gold miners that were following up the
placer gold in the river alluvium from the rivers draining the area
of the property. These small scale alluvial miners had been
actively following up the river alluvium deposits and which had led
to the discovery of some bedrock veins including the Magambazi vein
that is being actively explored by Canaco." Any historical data
presented here are not necessarily representative of this prospect
itself. Brookemont plans to file a NI 43-101 report once completed.
The option agreement is subject to regulatory approval and due
diligence by the Company.
Brookemont may earn an 80% interest in the Handeni West Prospect
by completing the following terms:
a. Brookemont is to pay the vendor $75,000 upon execution of the letter
agreement and the vendor is to deliver a technical report with respect
to the Property to be prepared in accordance with NI 43-101 in the name
of Brookemont;
b. Brookemont is to pay the vendor an additional $200,000 and issue
3,000,000 common shares upon closing of the transaction ("Closing
Date");
c. Brookemont is to pay the vendor an additional $350,000 and issue an
additional 3,000,000 common shares on or prior to the date that is
thirteen months from the Closing Date;
d. Brookemont is to incur $350,000 in expenditures on or prior to the date
that is twelve months from the Closing Date;
e. Brookemont is to issue the vendor an additional 3,000,000 common shares
on or prior to the date that is twenty-four months from the Closing
Date; and
f. Brookemont is to incur an additional $500,000 in expenditures on or
prior to the date that is twenty-four months from the Closing Date.
Brookemont will be able to acquire the remaining 20% by further
payments of $4.5-million and issuing 3,000,000 common shares. This
additional 20% option will be subject to a 2% net smelter return
and the foregoing payments for this interest may be made over a
period of up to three years.
Brookemont currently has the following projects: (a) quartz
mineral claims in the Yukon bordering Underworld, which was
recently taken over by Kinross Gold Corporation and directly above
the Coffee Discovery from Kaminak; (b) mineral claim blocks in the
Stewart Mining Region of British Columbia bordering Canasia
Industries Corporation's Clone Prospect; (c) mineral claims
prospective for lithium in Northern Ontario; and (d) land in North
Eastern Quebec prospective for REE's. Brookemont has approximately
25 million shares outstanding.
If you would like to be added to Brookemont's news distribution
list, please send your email address to
info@brookemontcapital.com.
Neither the TSX Venture Exchange Inc. nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange Inc.) accepts responsibility for the adequacy or
accuracy of this press release.
Contacts: Brookemont Capital Inc. Conrad Clemiss Chief Executive
Officer, Director 1-604-899-9150 info@brookemontcapital.com
www.brookemontcapital.com