This is a grea tarea and Rainy River and QGold hold almost the same amount of land in the same area, rainy River trades at $5 so we are looking pretty good down here at .16-.18. I think anyone who gets in at these levels is making some easy money. I've been picking it up all day long here...
FORT FRANCES, ONTARIO--(Marketwire - June 14, 2007) - Q-Gold Resources Ltd. (TSX VENTURE:QAU) (FRANKFURT:QX9) (http://www.qgoldresources.com) announced today that it has obtained options to purchase both mining and surface rights on 1,638 acres of patented claims in the Rainy River Mining District near Stratton, Ontario in the Morley and Patullo Townships. The Options, obtained from private landowners, are valid for a period of five years and are adjacent to a 2,600 acre block that Q-Gold acquired by staking in March of this year (see Press Release April 26, 2007). The options give the Company, already the second largest landowner in the area behind Rainy River Resources Ltd., control over 4,238 acres in one of Canada's most exciting new gold plays as Rainy River Resources has recently announced discovery of a series of high-grade gold zones in the area.
The new options were acquired for cash and total of 102,380 common shares of Q-Gold stock at a deemed price of $0.20 per share. These acquisitions are subject to approval from the TSX Venture Exchange. The options will vest after a series of annual cash payments over the five year term or earlier, at Q-Gold's election. Landowners will retain a 2% Net Smelter Return ("NSR") royalty on all mineral production from the patents.
As stated in the earlier press release, "The Q-Gold property also contains a significant gold-in-till anomaly determined by the OGS (Geologic Series - OGS Map P. 3110, 1987, Johns, G.W., Author) that is in proximity to underlying bedrock parallel shear structures determined by previous magnetic surveys."
