VANCOUVER, Sept. 7, 2011 /PRNewswire/ - Jet Gold Corp. (TSXV: JAU)(www.jetgoldcorp.com) today announced the acquisition of 100% of the Kshish molybdenum/copper property which is located 15 kilometres from Terrace, BC.
In completing the acquisition, JetGold has agreed to a cash payment of $15,000 and issuance of 150,000 shares to the vendor. The vendor will continue to hold a 2% Net Smelter Royalty and the Company maintains the right to purchase the NSR for $1,000,000. The acquistion is subject to exchange approval.
In announcing the acquisition, JetGold president & CEO, Brad Moynes stated, "We believe the Kshish property will prove to be an important and valuable asset in Jet Gold's precious metal holdings. It allows the Company to continue to expand its position in the Terrace mining region and diversify into additonal mineral forms."
The Kshish property covers an area of 4,082 hectares with elevations ranging from 400-1,500 metres and is serviced by existing roads, including an access road just one kilometre from the CN Rail line. The 730 hectare core property consists of molybdenum geochemical anomalies occurring over approximately five kilometres. A large block of additional claims, over an area of 3,352 hectares, was staked by the company in October 2007 based on its geological work and anomalous BC Geologic Survey geochemical samples located nearby on Lean-to Mountain.
Permitting has been filed for the Kshish property and approvals are expected in the fall of 2011. Additional information will be made available as it materializes.
JetGold is a Canadian resource exploration company actively developing gold, silver, copper, zinc, molybdenum and tellurium mineral resource properties in British Columbia, Canada. The company is currently undertaking exploration of its three unique precious metal properties: Big Hammer, Silver Bay and Kshish.
Big Hammer Gold/silver/tellurium (Au/Ag/Te) property located 13 km southeast of Terrace
Silver Bay Silver/zinc (Ag/Zn) property located in west central BC
Kshish Copper/ Molybdenum (Mo/Cu) property located 15 km northeast of Terrace
JetGold is strategically investing in the Terrace and Smithers mining districts of British Columbia based on excellent road access, abundant power and water supply and close proximity to the Fairview Terminal deep water container port in Prince Rupert. The port is an important part of the Government of Canada's "Asia-Pacific Gateway & Corridor Initiative" and the Province of British Columbia's "Pacific Gateway" strategy. Additional information at: www.jetgoldcorp.com
On behalf of the Board of Directors,
Jet Gold Corp. (TSX.V: JAU)
"Brad J. Moynes"
Brad J. Moynes
President & CEO
885 West Georgia Street, Suite 1500, Vancouver, BC V6C-3E8
T: 604-601-2070 / F: 604-683-8125
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Statements containing forward-looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company.
Forward-looking statements and information are based on assumptions that financing and personnel will be available when required and on reasonable terms, and all necessary regulatory approvals and shareholder approval will be obtained, none of which are assured and are subject to a number of other risks and uncertainties
There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.
SOURCE Jet Gold Corp.