PALM CITY, Fla., June 27, 2011 /PRNewswire/ -- Greenwood Gold Resources, Inc. ( OTCBB-GGRI ) and ( OTCQB_GGRI) has purchased a 100% working interest Option from Candorado Ltd. in Calgary Alberta as previously announced in its 8K filing. The property is located in the Quesnel Terrane and the exploration target is an Alkalic copper-gold porphyry deposit.
About the Summer property:
The 955 hectares Summer property is approximately 20 kilometers east of Lac La Hache, in the Cariboo region of south central British Columbia. The property area is within a portion of the Quesnel Trough, an Upper Triassic to Jurassic volcanic arc sequence.. The geology, alteration and mineralization on the Summer property suggest it is underlain by a porphyry related copper/gold system with potential to develop a porphyry copper/gold or skarn deposit.
The first part of the option agreement, Greenwood Gold Resources is required to complete a $350,000 exploration program and pay $150,000 cash to the company in order to earn the 40% interest within 6 month of the option date. The 6.144.975 Common shares have already been issued to Candorado as part of the agreement Greenwood is planning for an updated technical report and ongoing geophysical, geochemical surveys and drilling.
For more information on the option agreement please see 8K under company filings.
This will give Greenwood Gold Resources a start in the Mining and Metal industry, the company will update its shareholders for future development in the near future.
For more information on location and Map please visit the company website.
Safe Harbor Act Notice:
Statements contained herein that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the company and its management. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, the company's ability to obtain additional financing and the demand for the company's products. Any investment in the company would be extremely speculative and involve a high degree of risk and should not be pursued unless the investor could afford to lose their entire investment. Before investing, please review this filing, all past public filings with the SEC, all current Pinksheets.com filings and consult a registered broker dealer or contact the financial industry regulatory authority ("FINRA") for more information regarding locating a qualified party to assist in making an investment decision. The company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the company's success are more fully disclosed in the company's most recent public filings with the U.S. Securities and Exchange Commission. Forward-looking statements are typically identified by the use of terms such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "might," "plan," "predict," "project," "should," "will," and similar words, although some forward-looking statements are expressed differently. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.
About Greenwood Gold Resources, Inc.
Greenwood Gold Resources, Inc. ("GGRI") is a junior exploration company focused on exploration for gold and other valuable minerals deposits in Canada and U.S. The company is focused on acquiring, developing and joint venturing with other junior or major gold mining companies with properties within North America. GGRI has developed a set strategy to acquiring gold and other valuable mining properties following several key investment criteria
It will look for assets ranging from grass roots exploration to near production. GGRI will look to have a balanced portfolio of properties across this spectrum so as to maximize returns while also mitigating risk.
Behalf of the Board of Greenwood Gold Resources, Inc.
Greenwood Gold Resources, Inc.
4285 SW Martin Highway
Palm City, FL
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SOURCE Greenwood Gold Resources, Inc.