OAKVILLE, ON, April 25, 2012 /CNW/ - Giyani Gold Corp. (TSXV: WDG) ("Giyani Gold" or the "Company") is pleased to announce it has acquired an additional 985 Ha of claims
in the form of certain surface and mineral rights situated in Keating
Township, Ontario (the "Lands"), contiguous to Giyani Gold's Abbie
Lake-Keating Property. This acquisition positions the Company with a
total of 8,760 Ha located in a highly prospective geological setting
for gold.
Mr.
Bob Middleton
, VP of Exploration, stated: "A portion of these newly
acquired Lands host an extension of the quartz - eye porphyry
previously identified on the Abbie Lake-Keating Property. This is
significant as the largest discoveries and producing mines in the
Timmins region host similar porphyries."
The Company and 2299895 Ontario Inc. ("2299895"), a subsidiary of the
Company, have entered into an agreement with 2099840 Ontario Inc. o/a
Emerald Geological Services ("Emerald"), a private arms-length entity
to the Company, which entitles 2299895 to acquire a 100% interest in
the Lands in exchange for a combination of consideration comprised of:
$126,600 in cash payable over three years; $100,000 in exploration
expenditures and other work programs, and up to 200,000 shares in
2299895 over a period of three years, which shares are exchangeable
into shares of Giyani Gold, subject to satisfaction of certain
conditions. The total current value of the maximum consideration
payable if all conditions are satisfied is $426,600. Under the terms
of the agreement, Emerald has agreed to relinquish its license and
rights in the Lands and to allow 2299895 to acquire its interest and
rights in the Lands under license from a private corporate entity that
is arms-length to the Company and is the owner of the Lands, in
exchange for an annual fee payable to that party.
The exploration program was supervised by
Robert S. Middleton P.Eng
. Mr.
Middleton acted as the Qualified Person for the Company.
Corporate Appointment
Giyani Gold has appointed Ms.
Jo-Anne Archibald
from DSA Corporate
Services Inc. ("DSA") as Corporate Secretary. Ms. Archibald is
currently the President of DSA, a trusted name in the delivery of
corporate secretarial services for reporting issuers.
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 news
release.
On behalf of the Board of
Giyani Gold Corp.,
"Duane Parnham"
Executive Chairman