Frontline Gold Makes Option Payment on the Menderes Gold Project, Located in Western Turkey
22.12.2011 | Marketwire
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.TORONTO, ONTARIO -- (Marketwire - Dec. 22, 2011) - Frontline Gold Corporation ("Frontline" or the "Company") (TSX VENTURE:FGC) announces that is has made its 2011 property payment (the "Payment") on its Menderes Gold Project ("Menderes") in Izmir province, western Turkey, pursuant to the option agreement between the Company and Ena Mining Limited ("Ena") (see Company's news release dated August 25, 2010). The Payment consists of a cash payment of USD$50,000 for 2011.
About Frontline's Menderes Gold Project
Frontline, through its 90% owned Turkish subsidiary, holds the Menderes Gold Project, a 6,194 ha (62 km²) contiguous land package located near the village of Efemçukuru, in Izmir Province, Western Turkey. The permits that make up the Menderes Gold Project were acquired for their excellent potential to host low to medium sulphidation, gold-mineralized epithermal vein systems similar to those found in other properties in the area.
Menderes Permit Option
Frontline, pursuant to the news release dated August 25, 2010, optioned two mineral exploration permits, 1896.43 and 1863.45 hectares respectively, located at Efemçukuru, Turkey from Ena Mining Limited, also known as ENA Madencilik Ltd. Sti., ("Ena"), an arms' length Turkish corporation.
Frontline's Menderes Gold Project is contiguous to Eldorado Gold's Efemçukuru operating mine which currently hosts significant high-grade gold reserves and resources (1,506,000 ounces Au averaging 9.10 g/t Proven and Probable; 1,700,000 ounces Au averaging 9.55 g/t Measured and Indicated; and 352,000 ounces Au averaging 6.43 g/t Inferred).
Pursuant to the option agreement Frontline must pay to Ena a total of $225,000 over three years as follows:
On closing $25,000 (paid)
December 31, 2010 $50,000 (paid)
December 31, 2011 $50,000 (paid)
December 31, 2012 $100,000
The two permits at Menderes are subject to a 2% NSR of which 50% may be acquired for $1,000,000.
About Frontline Gold Corporation
Frontline is a Canadian junior mineral exploration company with an experienced discovery team and a proven record of accomplishment. The Company's flagship properties include the Niaouleni gold project in the heart of Mali South in West Africa's prolific gold belt and the Menderes gold project in the Izmir province of Western Turkey. Ongoing Canadian exploration includes the Poly (gold), the Stewart (gold-copper polymetallic) the Red Lake (gold) projects.
For further information, please visit the Company's website at www.frontlinegold.com to view the most recent corporate presentation and updated news on the Company's Menderes project.
The Qualified Person under National Instrument 43-101- Standards of Disclosure for Mineral Projects ("NI 43-101") is Gregory P. Isenor, P. Geo., who has reviewed and is responsible for the technical information presented in this news release.
This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in metal prices; currency fluctuations; and general market and industry conditions.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Walter Henry, President & CEO
FRONTLINE GOLD CORP.
Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information
Frontline Gold Corporation
Walter Henry
(416) 362-9100
(416) 362-9300 (FAX)
info@frontlinegold.com
www.frontlinegold.com