Meadow Bay Gold Enters Into Purchase Agreement for the ATNA Resources NBI Claim Group in the Atlanta Mining District, Nevada
June 30 2011 - 6:00AM
Marketwired
Meadow Bay Gold Corporation ("Meadow Bay Gold") (TSX VENTURE:
MAY)(PINK SHEETS: MBYCF)(FRANKFURT: 20M)(WKN: A1C3DN) has signed a
purchase agreement with Atna Resources, Ltd. (TSX: ATN) for claims
in the Atlanta Mining District, Lincoln County, Nevada. Atna
Resources' NBI claim group consists of 135 unpatented mining claims
contiguous with claims of the Atlanta Gold Mine acquired by Meadow
Bay Gold in March of this year.
The NBI claims significantly expand Meadow Bay Gold's land
position in the Atlanta Gold Mining District. With the addition of
other claims staked this spring, Meadow Bay now effectively
controls the entire Atlanta Mining District including the Atlanta
Gold and Silver Mine closed due to low gold prices in 1985.
The terms of the purchase agreement include a $150,000 initial
payment to Atna Resources on signing and the issuance of 400,000
shares of Meadow Bay Gold common stock. An additional $100,000
shall be paid to Atna Resources on the first anniversary. The
claims are subject to a 3% NSR royalty of which 1% can be purchased
by Meadow Bay for $1,000,000 prior to the fifth anniversary.
The NBI claims provide Meadow Bay with the necessary scale to
allow for a resumption of production from the Atlanta Mine at a
rate far in excess of what it experienced in the 1980s. In
addition, the NBI claims offer exploration opportunities,
particularly along projected extensions of the mineralized Atlanta
structure. A review of past exploration results suggests that the
mineralization is open both at depth and to the north.
Core drilling with the intent of confirming past exploration
results at the Atlanta Mine commenced on June 12, 2011.
Charles (Bill) Reed, a Qualified Person under National
Instrument 43-101, has reviewed the contents of this news
release.
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 press release.
Contacts: Meadow Bay Gold Corporation Robert Dinning Chairman
and CEO www.meadowbaygold.com Launch IR Matthew Harrington
613-882-7467
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