THUNDER BAY, Ontario--(BUSINESS WIRE)--Mega Precious Metals Inc. (MGP:TSX-V) (“Mega”) is pleased to announce that it has made the final option payment to complete the acquisition of a 100% interest in the Headway property in Red Lake, Ontario, which consisted of the issue of 3,600,000 common shares to Kings Bay Gold Corporation and 400,000 common shares to Palomino Mining and Exploration Ltd for the Headway Property. The 4,000,000 common shares issued by Mega are subject to a four month hold period under Canadian securities laws which expires on March 23, 2013.
The Headway property is located along the Red Lake mine trend, adjacent to Hwy 105 and just South of Goldcorp's high grade Red Lake and Campbell mines that are located in Balmertown, Ontario. The property consists of six (6) patented claims and one (1) unpatented claim totaling approximately 320 acres. The definitive agreement to acquire the 100% interest in the Headway Property was first announced October 5, 2009: http://www.megapmi.com/2009-releases/content/2009-releases/article/nr_5-10-2009_headway_da.
Glen Kuntz President and Interim Chief Executive Officer stated: "We are pleased to complete the acquisition of a 100% interest in the Headway Gold project; we believe the property will prove to be an important and valuable asset in our holdings”.
Since October 5, 2009, the company has drilled 3 deep holes that have tested a geological model to a depth of 2,601 m. Hole MH1103 is currently at 2,543 m and is located in the Balmer Assemblage that is the known host rock for the gold deposits that are being mined by Goldcorp’s Red Lake Mine.
Based upon the current drill locations, Mega has increased the potential mineralized footprint and in the process has acquired much needed geological/geotechnical information that is essential to future drilling which will continue to test for zones similar to Goldcorp’s High Grade Zone mineralization.
The Company is currently evaluating its options on how best to continue exploring the property’s potential during 2013.
Please click on the following link to view a plan view at 2300 m showing
location of MH 1103 in relation to the High Grade target area:
The Company believes that an opportunity exists on the Headway claims to encounter high grade mineralization.
Glen Kuntz, President and Interim Chief Executive Officer (CEO), is the Qualified Person for the information contained in this press release and is a Qualified Person defined by National Instrument 43-101.
Mega Precious Metals Inc. is a well-financed Canadian-based mineral exploration company with several projects in Northwestern Ontario, Manitoba and Nunavut. The Company is committed to an accelerated growth strategy and is backed by a team of experienced mining experts and a strong financial position. The Company is poised for rapid expansion through quick response to new opportunities and changes in the market. Mega’s common shares trade on the TSX Venture Exchange under the symbol MGP.
For further information and presentation material, please review the Mega website at www.megapmi.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about the magnitude or quality of mineral deposits, anticipated advancement of mineral properties or programs, future operations, results of exploration, prospects, commodity and precious metals prices, future work programs, anticipated financial and operational results, capital expenditures and objectives. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the risks identified in the Corporation's disclosure documents which are available on SEDAR at www.sedar.com. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Corporation disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.