VANCOUVER,
Feb. 23 /PRNewswire-FirstCall/ -
Guyana Frontier Mining Corp. (TSXV: GYG) ("Guyana Frontier",
or the "Company", formerly Shoreham Resources Ltd.) and Infinito
Gold Ltd. ("Infinito") have closed the transactions contemplated by
the definitive purchase and sale agreement (the "Agreement")
executed by the parties on December 22,
2010, and reported in a news release by the Company on
December 23, 2010.
Under the terms of the Agreement, Guyana Frontier
has acquired (the "Acquisition") 100% of the issued and outstanding
common shares of Infinito's subsidiaries in Guyana and Aruba (the "Infinito Subsidiaries"), which
directly and indirectly hold 100% interests in the Marudi Mountain
and Paint Mountain and the Potaro mineral concessions (the
"Concessions"). The Agreement replaced and superseded existing
option agreements between Guyana Frontier and Infinito in respect
of the Concessions which were announced in the Company's news
release dated March 27, 2007, and
which were terminated on the closing of the Acquisition.
Total consideration paid by Guyana Frontier to
Infinito for the Acquisition is US$500,000 in cash, of which US$100,000 was advanced as a deposit on
August 17, 2010, and the remainder of
which was paid on the closing of the Acquisition, and 1,600,000
common shares of Guyana Frontier,
which were issued on the closing of the Acquisition.
Infinito has been granted a 2% Net Smelter Returns
("NSR") royalty for all future mineral production from the Marudi
Mountain and Paint Mountain Project to a maximum of US$3,000,000, and a 2% NSR royalty for all future
mineral production from the Potaro Project, to a maximum of
US$2,000,000.
Neither the 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.
SOURCE Guyana Frontier Mining Corp.
Copyright . 23 PR Newswire