Golden Share Issues First Royalty Payment for Pistol Lake, Shebandowan Projectadmin
Toronto, October 9, 2013 – Golden Share Mining Corporation ("Golden Share" or the "Company" – TSXV:GSH) is pleased to announce that it has issued its first royalty payment for the Pistol Lake block of the Shebandowan project in Northwestern Ontario, Canada.
Under the terms of the option agreement (the "Agreement"), following the acquisition of the project, Golden Share shall make annual advance-royalty payments for a total sum of $20,000 per year. Such payments are to be deducted from any royalty payments to be made to the Vendor in the event that commercial production would be achieved on the property. Before the 9th anniversary of the Agreement’s signature, Golden Share may elect to execute half of those payments by issuing $10,000 in common shares calculated using the 20 day volume weighted average price at the time of issuance. Finally, all such payments are to be indexed to inflation, calculated using the Bank of Canada inflation calculator.
Pursuant to the above, Golden Share has paid $11,297.58 in cash and issued 66,667 shares to the Vendor, at a deemed price of $0.15 per share. The execution of such payment remains subject to the approval of the TSX Venture Exchange.
About Golden Share
Golden Share Mining Corporation is a Canadian-based mining exploration company developing a promising portfolio of properties in the mineral belts of Eastern Canada with a development strategy focused on a well-balanced property portfolio in a politically stable environment with a history of rich mineral endowment.
On July 25, 2013 shareholders of the Company approved the merger with Silvore Fox, a Canadian junior explorer listed on the TSX Venture Exchange (see press release dated July 25, 2013). Following this transaction Beijing Donia Resources Co. Ltd., a Chinese state owned company, has become Golden Share’s largest shareholder with approximately 21.9% of its issued and outstanding shares. Sinotech Minerals Exploration Co. Ltd., a leading Chinese mineral exploration and development company, is a 50.03% shareholder of Beijing Donia Resources Co. Ltd (For further details please see the recent Sinotech corporate presentation on: http://www.goldenshare.ca).
This new Chinese partner recognizes the value of Golden Share’s well balanced portfolio of properties located in Quebec and Ontario and sees the merged entity as an ideal platform to further develop its activities in exploration and development in North America, and notably in Eastern Canada, a politically stable environment with a history of mineral endowment.
Golden Share’s exploration programs are executed under the supervision of Mrs. Laurence Huss, M.Sc., P. Geo., a << Qualified Person >> as defined in National Instrument 43-101, and Vice-president Exploration of Golden Share. Philippe Giaro, P.Geo., President and CEO of Golden Share and Qualified Person for Golden Share, has reviewed and approved the content of this release.
FOR MORE INFORMATION, CONSULT: http://www.goldenshare.ca
OR OUR FACEBOOK PAGE AT:
Golden Share Mining Corporation
Philippe Giaro, President & CEO
Tel: 1-905-968-1153 or Tel: 32-473-52-30-29
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.
Posted: October 9th, 2013 under ACCESSWIRE.