Lake Shore Gold completes land buy around Bell Creek
2009-12-17 17:22 ET - News Release
Mr. Tony Makuch reports
LAKE SHORE GOLD COMPLETES ACQUISITION OF "BELL CREEK WEST" PROPERTIES
Lake Shore Gold Corp. has completed the previously announced agreement with Goldcorp Canada Ltd., manager of the Porcupine Gold Mines joint venture (PJV), and Goldcorp Inc., for the purchase of approximately 28 square kilometres of prospective exploration property in the surrounding vicinity of Lake Shore Gold's 100-per-cent-owned Bell Creek complex. The properties, which range from a project with historic resources, the Marlhill mine, to early stage exploration targets, are all located along the New Mine trend, host of the PJV's Hoyle Pond mine and Pamour operations.
Tony Makuch, president and chief executive officer of Lake Shore Gold, commented: "The Bell Creek West acquisition provides us with a number of new, high-potential targets along the same geological trend as our Bell Creek complex, all within close proximity to our Bell Creek shaft and the ramp we are driving from Bell Creek to Schumacher and Vogel. In addition, the land we have acquired around Bell Creek will also support our expansion plans for the Bell Creek mill."
Consideration for the transaction totals $20-million, including $15-million of cash and 1,596,023 Lake Shore Gold common shares. The PJV has obtained a 2-per-cent net smelter royalty relating to any future production from the acquired properties. In addition to the 1,596,023 shares of the company received by Goldcorp through the Bell Creek West transaction, Goldcorp has also exercised warrants with a strike price of $2.41 per share to acquire two million common shares of the company. The warrants had a two-year term and were issued to Goldcorp on Dec. 18, 2007, as partial consideration for the sale of the Bell Creek mine and mill to Lake Shore Gold. Proceeds to the company from the exercise of the warrants were $4.8-million.
Lake Shore Gold's Bell Creek complex is a highly prospective land package comprising the Bell Creek mine and mill as well as the Schumacher and Vogel properties. The company has completed approximately 52,000 metres (m) of surface drilling at the Bell Creek complex in 2009 and is advancing an underground advanced exploration program. Recent exploration results at Bell Creek have extended gold mineralization to a plunge length of 1,250 m and included intercepts of 12.63 grams per tonne (gpt) over 11.65 m, 12.67 gpt over 14.40 m and 5.13 gpt over 26.40 m.
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