Amador acquires Fripp West claims, amends financing
Amador Gold Corp (C:AGX)
Shares Issued 117,283,248
Last Close 4/8/2008 $0.27
Wednesday April 09 2008 - News Release
Mr. Alan Campbell reports
FRIPP PROPERTY EXPANDED
Amador Gold Corp., subject to regulatory approval, has acquired a 100-per-cent interest in the Fripp West property, consisting of four claims (40 units) located in Fripp township, Porcupine mining division. Consideration for the property consists of $20,000 and 200,000 shares, payable over two years. There is a 2.5-per-cent net smelter return payable, 1 per cent of which may be purchased for $500,000 and a further 0.5 per cent of which may be purchased for an additional $500,000.
The property is accessible by road and is approximately 30 kilometres southwest of Timmins, Ont. It is adjacent to the west boundary of Amador's Fripp property. Amador also recently acquired Moneta Porcupine's copper occurrence that is adjacent to the Fripp's eastern boundary. These acquisitions give Amador a significant land position in the area. The Fripp property is underlain by mafic-ultramafic volcanics and intrusives that may be similar to rocks hosting Golden Chalice Resources' Langmuir nickel-platinum-palladium (PGM) discovery near Timmins.
Portions of Amador's original Fripp property has been flown by Geotech's VTEM airborne system. Numerous strong coincidental electromagnetic and magnetic anomalies occur on the Fripp property. Most of the property is covered by glacial till and overburden. However, occurrences of nickel have been located near or on strike with some of the VTEM anomalies.
Amador plans to fly the remaining sections of the property including the newly acquired Fripp West and Moneta copper occurrence that may still be open at depth. The company then plans to drill test the Moneta occurrence at depth and the VTEM airborne anomalies. The VTEM system was successful in discovering Golden Chalice Resources' Langmuir nickel-platinum group mineral (Ni-PGM) discovery.
Further to Amador's news release in Stockwatch of March 19, 2008, Amador wishes to announce that it has amended its private placement for up to 10 million units. The financing will consist of flow-through units priced at 28 cents per unit and non-flow-through units priced at 25 cents per unit. Each of the units will consist of either one flow-through or non-flow-through common share and one non-flow-through share purchase warrant entitling the holder to purchase one additional common share for a period of two years at a price of 30 cents per share. Once resale restrictions on the shares having expired and upon the company's shares trading at or above a weighted average trading price of $1 for 30 consecutive trading days the company may give notice that the warrants will expire 30 days from the date of providing such notice in writing to warrantholders and via a news release. In accordance with exchange policies, finders' fees may be paid on a portion of the funds raised. The private placement is subject to regulatory approval.
The proceeds of the private placement will be used for general working capital, exploration on the company's Ontario properties, current property payments and new acquisitions.
© 2008 Canjex Publishing Ltd.
