Arcturus Ventures Inc (“Arcturus”) is pleased to announce that the company has signed a letter of intent with Colombian Mines Corporation (TSX-V:CMJ) (“Colombian Mines”) for the acquisition of the Nus Gold Project located in the Antioquia Department of Colombia.
The Nus Project consists of 3 license blocks totaling 2605 hectares located in the municipalities of San Roque, Santo Domingo and Yolombó in Antioquia, 85 kilometres from Medellin. This important gold region contains many old mines dating from the Spanish period as well as many notable active exploration projects. In the immediate vicinity is B2Gold Corp and AngloGold Ashanti’s Gramalote Property where the Trinidad and Gramalote Ridge Zones are less than 5km and 10km, respectively, along strike from the largest license block of the Nus property.
The key terms in the letter of intent are:
- Arcturus will earn a 90% interest by paying $27,000 and issuing 100,000 shares to Colombian Mines
- Arcturus will have an option to acquire Colombian Mines’ 10% Carried Interest with a payment of $1,000,000 and a royalty in the amount of 1% of the Net Smelter Returns
- Upon completion of a positive feasibility study on the project Arcturus will issue an additional 900,000 shares to Colombian Mines
Blake Macdonald, President and CEO of Arcturus commented “We are extremely pleased to be acquiring a quality project like the Nus licenses. We believe that the regional history, geology and adjacent discoveries demonstrate that this project has high potential to host significant gold mineralization. We feel this acquisition is a good opportunity to enhance shareholder value.”
Arcturus will follow up on Colombian Mines’ initial field work with targeted exploration of identified anomalies in 2010.
Tags: colombia
