http://www.proactiveinvestors.com Proactiveinvestors RSS feed en Sun, 24 Jun 2018 14:53:03 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Bonterra Resources to acquire Metanor Resources in C$78mln transaction ]]> http://www.proactiveinvestors.com/companies/news/199084/bonterra-resources-to-acquire-metanor-resources-in-c78mln-transaction-199084.html Big news from Bonterra Resources Inc (CVE:BTR) today, as it announced plans to acquire emerging gold producer, Metanor Resources Ltd (CVE:MTO) in a transaction valued at C$78mln. 

Bonterra and Metanor entered into a binding letter of intent on June 17, 2018 and say the goal is to create an advanced Canadian gold exploration and development company focused on becoming a leader in the building out and future mining development of the Urban Barry gold camp in Quebec. 

"Bonterra has been an extremely successful exploration company and must continue to evolve and participate in growth opportunities. We have quickly and efficiently discovered and developed the Gladiator deposit over the past two years, and now look to put our exploration skills and experience to work on the larger combined land package," said Nav Dhaliwal, president and chief executive officer of Bonterra. 

"We believe we will be able to develop a much larger and more significant resource profile within the Urban Barry camp. The availability and ownership of a permitted and expandable processing facility certainly places Bonterra in an excellent position to rapidly and cost-effectively become a significant Quebec-based gold producer."

WATCH: 'Big year' expected for Bonterra Resources, with exploration well funded through 2018

Metanor Resources Inc. is an emerging gold producer its main assets, the Bachelor Mine and the Barry project, in addition to over 15,000 hectares of exploration property, located in the mining-friendly jurisdiction of Quebec in the heart of the Urban-Barry Camp.

Under the terms of the letter of intent, Bonterra will acquire all of the issued and outstanding common shares of Metanor for C$0.73 cents in equity consideration per share, at an exchange ratio of 1.6039 Bonterra shares for each Metanor share. This represents an aggregate transaction value of C$78-million on a fully diluted basis.

The purchase price represents a 40% premium to the volume weighted average price of Metanor's common shares on the TSX Venture Exchange on June 15, 2018, and a premium of 30% to the closing price as of such date.

Upon completion of the transaction, existing Bonterra and Metanor shareholders will own approximately 58% and 42% per cent of the pro forma company, respectively.

Bonterra to create spinout

"Putting together two, arguably undervalued, companies like Metanor and Bonterra is extremely beneficial and logical in a number of ways," said Greg Gibson, chairman and interim chief executive officer of Metanor.

"Resource growth, exploration synergies and derisking the path to production are all considerations, as well as potential to access different and larger markets and shareholders. I look forward to working with the Bonterra team, as the combined effort provides the opportunity to create significant shareholder value."

Immediately prior to the completion of the proposed transaction, Bonterra will complete the spinout of its Larder Lake project in Ontario to current shareholders of Bonterra in order to create a new exploration company called Spinco, which is focused on the growth of this multi-deposit, high-grade project. 

The transaction is expected to be completed in the third quarter of 2018 and is subject to shareholder approval. 

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Mon, 18 Jun 2018 18:26:00 -0400 http://www.proactiveinvestors.com/companies/news/199084/bonterra-resources-to-acquire-metanor-resources-in-c78mln-transaction-199084.html
<![CDATA[Media files - 'Big year' expected for Bonterra Resources, with exploration well funded through 2018 ]]> http://www.proactiveinvestors.com/companies/stocktube/9583/-big-year-expected-for-bonterra-resources-with-exploration-well-funded-through-2018-9583.html Thu, 14 Jun 2018 10:27:00 -0400 http://www.proactiveinvestors.com/companies/stocktube/9583/-big-year-expected-for-bonterra-resources-with-exploration-well-funded-through-2018-9583.html <![CDATA[News - Bonterra Resources rallies on high grade gold intercepts at Gladiator gold project ]]> http://www.proactiveinvestors.com/companies/news/198816/bonterra-resources-rallies-on-high-grade-gold-intercepts-at-gladiator-gold-project-198816.html Bonterra Resources (CVE:BNE) saw its shares rise 8% on Wednesday after the junior explorer reported encouraging drilling results at its Gladiator gold project in Quebec.

Highlights of the drill results included an intersection of 44.9 g/t gold over 3.0 metres, at hole BA-18-34, the company said, which extended a high-grade ore shoot to the west, up-plunge in the Rivage Gap area.

"The resource development program continues to be extremely successful in terms of the extension of mineralized zones and in terms of demonstrating high grades throughout," said Nav Dhaliwal, president and chief executive officer of Bonterra.

"Most significantly, however, is how well we have shown continuity down dip and along strike for all five of the primary zones to date. The high grades encountered on the west side of the deposit and the down-plunge of the east side announced today are of obvious significance to the deposit as a whole."

Drilling campaign extends deposit

According to the company, results from the winter drilling campaign at the Gladiator gold project successfully extended the deposit both west and east, opening multiple zones for further expansion. 

Recent drilling in the west side of the deposit extended the north zone and now totals a strike length of approximately 1,300 metres. 

Other highlights included hole BA-11-36, which extended the North zone by about 150 m to the east, down-plunge of a defined ore shoot with 8.4 g/t gold over 3.0 metres; as well as holes BA-18-27A, BA-18-30 and BA-18-31, which intersected the main zone between 300 to 500 metres below surface, demonstrating the continuity of mineralization with 24.3 g/t gold over 5.0 metres in BA-18-30 and 9.6 g/t gold over 3.5 metres in BA-18-31.

Bonterra said it will continue its aggressive resource development program with five drills at the deposit focused on infill and step out drilling in preparation for the updated mineral resource estimate in the second half of 2018.

Shares of Bonterra Resources were up 8.24% at C$0.46 on Wednesday afternoon. 

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Wed, 13 Jun 2018 14:35:00 -0400 http://www.proactiveinvestors.com/companies/news/198816/bonterra-resources-rallies-on-high-grade-gold-intercepts-at-gladiator-gold-project-198816.html
<![CDATA[News - BonTerra shares gain on release of inferred resource at Eastern Extension property ]]> http://www.proactiveinvestors.com/companies/news/87010/bonterra-shares-gain-on-release-of-inferred-resource-at-eastern-extension-property-30463.html BonTerra Resources (CVE:BNE) shares rallied Wednesday after the company announced an NI 43-101 compliant inferred resource for its Eastern Extension property in Quebec.

The company defined the resource by spending roughly $3.5 million in under two years and drilling 13,919 metres of core, it said.

This resulted in an inferred gold resource of 4.34 million tonnes grading 3.53 grams per tonne (g/t), at a 1.0 g/t cut off, for 492,000 ounces of gold.

With a higher cutoff grade of 6.0 g/t, the property hosts an inferred gold resource of 249,000 ounces with an average grade of 9.94 g/t gold.

BonTerra also said it believes there is potential for expansion with further drilling, as the existing resource is open to the northeast, southwest and down dip.

The mineral resource estimate, done by Snowden Mining, includes the results of 12,543 metres of core drilling completed on the property in 2011.

BonTerra's Rivage Zone, where more than 5,900 metres of drilling has taken place this year, was not included in the estimate, which is constrained by geologic domains consisting of ten vein structures.

The company said it plans to file a complete technical report on SEDAR within 45 days.

The Urban-Barry gold camp hosts two other gold projects with NI 43-101 compliant resources, known as the Windfall Lake and the Barry deposit.

"BonTerra is very proud to have received such a great first ever resource estimate from Snowden for our gold property," said president Navjit Dhaliwal.

"It is not common for a junior company like BonTerra Resources to develop an asset of such high potential in such a short period of time.

"We feel this resource estimate completed by Snowden solidifies BonTerra as a leading junior gold explorer in Quebec's Abitibi Greenstone Belt. This also speaks volumes about the high quality of the Property as well as all of our team in Vancouver and Val d'Or."

The company said that highlights of its 2012 drilling at Rivage include 73.82 g/t gold over 3.0 metres in hole BA-12-10, which included 1.0 metre of 220.0 g/t gold.

This drill hole at the Rivage was collared around 120 metres from the Rivage discovery outcrop. A chip sample taken from this outcrop in the fall of 2011 assayed 204 g/t gold.

The Eastern Extension property is situated roughly 170 kilometres northeast of Val d'Or, Quebec in the Abitibi Greenstone Belt.

Shares of BonTerra rose more than 9 per cent Wednesday afternoon, to 12 cents.

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Wed, 13 Jun 2012 14:36:00 -0400 http://www.proactiveinvestors.com/companies/news/87010/bonterra-shares-gain-on-release-of-inferred-resource-at-eastern-extension-property-30463.html
<![CDATA[News - BonTerra amends option deal for Eastern Extension property ]]> http://www.proactiveinvestors.com/companies/news/84737/bonterra-amends-option-deal-for-eastern-extension-property-26643.html BonTerra Resources (CVE:BTR) said Wednesday it has inked an amended agreement with Abitex Resources to immediately acquire a 100 percent interest in the mineral claims in the Bailly and Barry Townships in Quebec, known as the Eastern Extension property.

In consideration for the 100 percent stake, BonTerra will issue 1.25 million shares.

The new deal amends the option agreement between the two parties from September 2010, and reduces the cash component of the consideration. Closing is subject to the approval of the TSX Venture Exchange.

The property is subject to a two percent net smelter returns royalty, one percent of which can be purchased for $500,000.

Under the original option agreement, BonTerra had the right to earn up to a 100 percent interest in exchange for making cash payments totaling $110,000, issuing a total of 1.35 million shares, and incurring a total of $750,000 in exploration expenses on the property over four years.

To date, BonTerrra has paid $10,000, issued 500,000 shares and incurred $750,000 in exploration expenses.

The amendments to the deal reduce the cash payment obligations by $100,000 and increase the share issuance obligations by 400,000 shares, BonTerra said.

"This is a rare opportunity for BonTerra to reduce the cash component of the option agreement for the Eastern Extension," said president Navjit Dhaliwal.

"It is always our goal to focus our expenditures on our ongoing drill program in Quebec rather than elsewhere due to the high quality of the Property.

"BonTerra management decided to rush the exercise of the option in order to own the Property outright subject to the NSR. This amendment to the agreement highlights the partnership and goodwill BonTerra has been developing with our neighbors in the Urban-Barry gold camp, in this case Abitex Resources."

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Wed, 21 Mar 2012 11:55:00 -0400 http://www.proactiveinvestors.com/companies/news/84737/bonterra-amends-option-deal-for-eastern-extension-property-26643.html
<![CDATA[News - BonTerra Resources hits as high as 44.8 g/t gold at Eastern Extension in Quebec ]]> http://www.proactiveinvestors.com/companies/news/81588/bonterra-resources-hits-as-high-as-448-gt-gold-at-eastern-extension-in-quebec-21382.html BonTerra Resources (CVE:BTR) announced Monday results from three holes at its Eastern Extension property in Quebec, showing persistent gold mineralization in a series of quartz veins.

The highlight of these drill holes is BA-11-32, where two of the three distinct high grade mineralized veins host visible gold, the company said.

The best samples for these three vein systems range from 11.25 grams per tonne (g/t) gold over 1.0 metre in the upper most vein, 15.25 g/t over 1.00 metre in the middle vein and 44.80 g/t gold over 1.00 metre in the deepest vein.

BA-11-32 was drilled to validate gold mineralization at approximately 525 metres in vertical depth.

BonTerra is now awaiting the final lab samples from the 2011 drill campaign and is aggressively working on a new NI 43-101 compliant inferred resource estimate, it said.

The company is also waiting on a budget for the upcoming 2012 winter drill program, which will focus on the large magnetic high under Lac Barry, the Peninsula Zone discovered by hole BA-11-06.
To date, BonTerra has drilled four holes from the shore to hit this area.

"We invite shareholders and all interested to visit us in the core shack and view some of our core bearing high grade gold at the Quebec City Exploration Conference November 21-24," said president Mitchell Adam.

BonTerra has an option to earn 100 percent of the Eastern Extension property from Abitex Resources, subject to a two percent net smelter return.

The company has a total of three gold properties in the Urban-Barry belt: the Eastern Extension, Lavoie and Urban-Barry, which are located approximately 170 kilometres northeast of Val-d'Or and 125 kilometres southwest of Chibougamau in the Urban, Barry and Bailly townships in Québec.

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Mon, 21 Nov 2011 11:40:00 -0500 http://www.proactiveinvestors.com/companies/news/81588/bonterra-resources-hits-as-high-as-448-gt-gold-at-eastern-extension-in-quebec-21382.html
<![CDATA[News - BonTerra's infill sampling results lead to wider gold intercepts at Eastern Extension, confirm continuity ]]> http://www.proactiveinvestors.com/companies/news/81079/bonterras-infill-sampling-results-lead-to-wider-gold-intercepts-at-eastern-extension-confirm-continuity-20466.html BonTerra Resources (CVE:BTR) announced Wednesday results from its infill sampling program on its Eastern Extension property in Quebec, leading to wider gold intercepts than originally disclosed in the early days of the drill program.

The company said the infill program involved sampling selected veins and segments of drill holes not yet sampled, which has led to the discovery of wider gold intercepts than initially released by BonTerra since November 2010.

BonTerra is now targeting all veins due to gold being discovered in all vein types and not only the smoked quartz veins, as originally thought, it said. Additional results of the infill sampling and recently completed drill holes will be released as they become available.

Today, the company said that the intercept from hole BA-10-02, for example, which was initially released by the company in November last year, was widened from 7.73 metres wide to a zone 22 metres wide assaying 7.54 grams per tonne (g/t) of gold.

In hole BA-10-03, two high grade gold zones were discovered in 2010, but the lower zone has since expanded from six metres to 26 metres in width, grading 3.72 g/t gold. BA-10-08 saw one of its gold zone widen significantly from seven metres in length to 17.5 metres grading 6.24 g/t gold.

Meanwhile, the gold intercept from hole BAS-10-06, which was originally released by the company in February, widened from roughly ten metres to a whopping 75.5 metres, assaying 0.82 g/t gold.

In addition, though the original drill intercept in hole BA-10-01 was not changed, a second gold zone has been defined, with the hole returning 22.05 metres of 0.98 g/t gold, including 0.71 metres at 18.95 g/t gold. 

"It is great to see the infill sampling program pay off with expanded widths for some of our key gold intercepts in the early days of the drill program," said director Mitchell Adam.

BonTerra is a Canadian gold exploration company focused on expanding the known gold zone on its Eastern Extension property, part of the Abitibi Greenstone Belt of Quebec. BonTerra has a total of four properties in the Urban-Barry belt, all gold exploration targets.

The company's Eastern Extension, Lavoie, Urban-Barry and Anderson properties are located approximately 170 kilometres northeast of Val-d'Or and 125 kilometres southwest of Chibougamau in the Urban, Barry and Bailly townships in Québec.

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Wed, 02 Nov 2011 10:44:00 -0400 http://www.proactiveinvestors.com/companies/news/81079/bonterras-infill-sampling-results-lead-to-wider-gold-intercepts-at-eastern-extension-confirm-continuity-20466.html
<![CDATA[News - BonTerra widens gold intercepts in previous hole at Eastern Extension ]]> http://www.proactiveinvestors.com/companies/news/79715/bonterra-widens-gold-intercepts-in-previous-hole-at-eastern-extension-18177.html Vancouver-based junior explorer BonTerra Resources (CVE:BTR) said on Friday that infill drilling has widened pre-existing zones of high grade gold at its flagship Eastern Extension property.

The property rests in the Abitibi Greenstone Belt and is located just to the east of the Urban-Barry property, in Quebec.

The company said infill sampling on secondary vein systems and zones of interest in hole BA-10-08, for which original results were disclosed in January, has led to a wider gold intercept.

All of the infill samples have been included into the 3D model, BonTerra said, and are being added into the gold resource calculation.

The wider primary intercepts include 6.24 grams per tonne (g/t) gold at 17.50 metres and 16.75 g/t of gold at six metres. Additional intercepts from the hole returned 21.09 g/t of gold at 3 metres, 31.20 g/t of gold at one metre, as well as 30.50 g/t of gold at one metre.

The original intersections from the hole spanned lengths from one to seven metres.

Company president, Mitchell Adam, said: "Our infill sampling program is leading to BonTerra discovering gold not only in the smoky quartz veins but in the secondary veins too."

"BonTerra is enthusiastic this is paying dividends by widening pre-existing zones of high grade gold. Every mineralized vein has the potential to add to the number of ounces we are currently working toward defining in Quebec."

Drill BA-10-08 was first drilled to the west of the series of initial five drill holes. This was due to the "impressive presence", the company said, of three distinct parallel gold zones in the hole, which led BonTerra to drill further to the southwest still, where additional drill holes discovered further high grade gold in hole BA-11-06.

BonTerra named this new gold trap the Peninsula Zone.

The Vancouver-based mineral explorer mainly acquires and explores natural resource properties in North America. BonTerra has a total of four properties in the Urban-Barry belt, all gold exploration targets.

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Fri, 09 Sep 2011 14:37:00 -0400 http://www.proactiveinvestors.com/companies/news/79715/bonterra-widens-gold-intercepts-in-previous-hole-at-eastern-extension-18177.html
<![CDATA[News - BonTerra rallies on high grade gold intercepts of over 100g/t at Eastern Extension ]]> http://www.proactiveinvestors.com/companies/news/79637/bonterra-rallies-on-high-grade-gold-intercepts-of-over-100gt-at-eastern-extension-18046.html Canada's BonTerra Resources (CVE:BTR) saw its shares rise as high as 22% on Wednesday after the junior explorer reported extremely encouraging gold grades and widths on its Eastern Extension property northeast of Val d'Or, Quebec.

Results were received for four of eight drill holes at the site, with hole BA-11-29 arguably being the best hole drilled to date at the property, the company said.

According to BonTerra, within this drill hole, there are two distinct veins with numerous specks of visible gold observed in the geological log.

Significant intercepts from hole BA-11-29 included 15.3 metres of 14.85 g/t gold, including 11.3 metres of 20.10 g/t gold, 5.3 metres of 41.55 g/t gold, 2.5 metres of 88.10 g/t gold, and 0.70 metres of 129.00 g/t gold, and 114.00 g/t gold.

"We have intercepted numerous high grade zones with two samples assaying over 100 grams/tonne gold," said president Mitchell Adam.

"It is becoming clear that with a greater understanding of the property our geological team continues hitting the targets.

"Once all of these holes are completed and assays received BonTerra intends to release our gold resource calculation for the property."

Other notable holes included BA-11-26, which intercepted 25.5 metres of 1.19 g/t gold, including 5.3 metres of 5.43 g/t gold and 0.60 metres of 38.8 g/t gold; as well as hole BA-11-25, which returned 1.3 metres of 7.6 g/t gold and 1.00 metres at 2.77 g/t gold.

The company said hole BA-11-10A was abandoned at 99.61 metres due to difficult drilling conditions, but was re-drilled roughly four metres to the northeast and renamed BA-11-10, results of which were disclosed in early August. The new hole hit multiple high grade zones of gold at depth.

The target for all drilling on the Eastern Extension property is smoky quartz veins, mineralized with sulphides. Sphalerite, a type of sulphide, present in the quartz veins appears to be associated with the highest grade gold zones on the property to date, said BonTerra.

BonTerra is focused on continuing to expand the known gold zone on its Eastern Extension property, part of the Abitibi Greenstone Belt of Quebec. The company has a total of four properties in the Urban-Barry belt in the province, all gold exploration targets.

It has an option to earn 100% of the Eastern Extension asset from Abitex Resources, subject to a 2% net smelter royalty.

As at 11:09am EDT, shares of BonTerra were up 11.86% at $0.33 in Toronto, having risen as high as 22% in earlier trading.

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Wed, 07 Sep 2011 12:57:00 -0400 http://www.proactiveinvestors.com/companies/news/79637/bonterra-rallies-on-high-grade-gold-intercepts-of-over-100gt-at-eastern-extension-18046.html
<![CDATA[News - BonTerra drills high grade gold at Eastern Extension ]]> http://www.proactiveinvestors.com/companies/news/77884/bonterra-drills-high-grade-gold-at-eastern-extension-15108.html BonTerra Resources (CVE:BTR) announced Thursday high grade gold assays from an additional four drill holes on the Eastern Extension gold project, located 170 kilometres northeast of Val-d'Or, Quebec.

Highlights include 8.95 grams per tonne (g/t) gold over 6.2 metres in drill hole BA-11-23, including 42.6 g/t gold over 1.3 metres; 6.44 g/t gold over 1.5 metres, including 13.0 g/t over 0.70 metres in drill hole BA-11-16; and 5.84 g/t gold over 3.0 metres, including 9.68 g/t gold over 1.5 metres in hole BA-11-17.

Visible gold flecks were observed in two samples taken from drill hole BA-11-23, including 15 visible specks in the 42.6 g/t grade sample, said the company.

"BonTerra is pleased to see the gold zones be proven larger with additional drilling," said president Mitchell Adam.

"Intercepting veins bearing visible gold is rewarding and a result of the hard work by our geological team.

"BonTerra continues drilling with the intent of conducting the first ever NI 43-101 compliant resource calculation on the property."

The Canadian gold explorer, which is based in Vancouver, B.C., has drilled 32 holes on the property to date, and is awaiting the assay results from an additional three drill holes to expand the peninsula zone, previously assayed to contain 14.0 metres of 8.01 g/t gold, including 3.33 metres of 27.3 g/t gold in drill hole BA-11-05, as reported in February.

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Thu, 02 Jun 2011 15:10:00 -0400 http://www.proactiveinvestors.com/companies/news/77884/bonterra-drills-high-grade-gold-at-eastern-extension-15108.html
<![CDATA[News - BonTerra Resources extends known mineralized gold zone at Eastern Extension in Quebec ]]> http://www.proactiveinvestors.com/companies/news/75684/bonterra-resources-extends-known-mineralized-gold-zone-at-eastern-extension-in-quebec-11385.html BonTerra Resources (TSX-V: BTR; FSE: 9BR) said Wednesday that it has received further results from two drill holes on its Eastern Extension property in the Abitibi Greenstone Belt in Québec, which have extended the known mineralized gold zone at the site.

Hole BA-10-08 assayed 14.84 g/t gold over 7 metres, with the highest sample grading 31.20 g/t. Meanwhile, BA-10-09 intersected 4.71 g/t gold over 11.75 metres, with the highest sample being 41.20 g/t. Both holes extend the known strike of the gold zone, said the company.

To date, the company has drilled nine holes on the Eastern Extension property for a total of 1358.35 metres. Eight of these holes have intercepted gold zones present in quartz veins, and mineralized with sulphides, BonTerra said.

The Eastern Extension property is located approximately 170 km NE of Val-d'Or, and 125 km SW of Chibougamau in the Barry and Bailly townships.

BonTerra's Urban-Barry property is situated just west of Eastern Extension. The company has an option to earn 100% of the Eastern Extension property, subject to a 2% NSR.

Further drilling at the site is planned with the sole goal of extending the known gold zone.

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Wed, 12 Jan 2011 19:04:00 -0500 http://www.proactiveinvestors.com/companies/news/75684/bonterra-resources-extends-known-mineralized-gold-zone-at-eastern-extension-in-quebec-11385.html
<![CDATA[News - BonTerra Resources receives drill results as high as 77.8g/t gold at Eastern Extension in Quebec ]]> http://www.proactiveinvestors.com/companies/news/74757/bonterra-resources-receives-drill-results-as-high-as-778gt-gold-at-eastern-extension-in-quebec-9917.html BonTerra Resources (BTR: TSX-V; FSX: 9BR) said Tuesday that it received drill results from two holes at its Eastern Extension property in Quebec, acheiving intercepts as high as 77.8g/t gold.

Hole BA-10-01 returned 13.5 metres at 17.06g/t gold, while BA-10-02 assayed a drill intercept of 7.73 metres at 21.24g/t gold, including one sample of one metre long which returned a gold grade of 77.8g/t.

To date, the holes drilled on the Eastern Extension property have intercepted zones of smoky quartz veins mineralized with sulphides, the company said.

"We are excited to intercept two high grade drill intercepts approximately 20 metres apart in our ongoing drill program. This cements BonTerra as a significant player in the eastern Abitibi of Quebec," said president Mitchell Adam.

BonTerra is currently drilling the fourth hole on the Eastern Extension property, and is planning on constructing a winter camp for the second phase drill program at the site.

The Eastern Extension property is located approximately 170 km northeast of Val-d'Or and 125 km southwest of Chibougamau in the Barry and Bailly townships in the Abitibi Greenstone Belt.

BonTerra has an option to earn 100% of the Eastern Extension property subject to a 2% NSR.

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Tue, 09 Nov 2010 15:31:00 -0500 http://www.proactiveinvestors.com/companies/news/74757/bonterra-resources-receives-drill-results-as-high-as-778gt-gold-at-eastern-extension-in-quebec-9917.html
<![CDATA[News - Seabridge Gold sells its interest in the Red Mountain property to BonTerra Resources Inc. ]]> http://www.proactiveinvestors.com/companies/news/68905/seabridge-gold-sells-its-interest-in-the-red-mountain-property-to-bonterra-resources-inc--1750.html
The Red Mountain property consists of 47 claims totalling 17,125.2 hectares and is located in a prolific mining district. This is a high-grade deposit ( > 0.25 opt) of 400,000 ounces in the measured and indicated categories plus an additional 248,000 ounces in the inferred resource category. Approximately US$40 million has spent by previous owners and diamond drilling on the property has totaled 134,800 metres in 466 holes. In addition, 2,000 metres of underground workings have been excavated, including a 1,000-metre production-sized decline. The proposed sale also includes a large complement of mining equipment.

It does not look like a sale of an unwanted property. According to Seabridge President and CEO Rudi Fronk, they have elected to take part of the proceeds of this proposed sale in the form of a convertible debenture so that Seabridge can continue to participate in Red Mountain's potential success. The objective of the sale has been to use cash proceeds to continue advancing Seabridge’s KSM and Courageous Lake towards feasibility without share dilution.

An elated BonTerra President and CEO Mitch Adam said that the acquisition brings a known, high-grade deposit together with the promising high-grade exploration results they have obtained from their immediately adjacent Willoughby property.  This combination creates the opportunity to develop a sustainable and profitable mining operation within a low-risk political jurisdiction opined Adam.

It is a giant step for BonTerra but indicates the corporate strategy the company is expected to pursue. In fact BonTerra has been actively acquiring projects into its portfolio. The company first acquired the Willoughby Gold Property in BC which entails the right to earn an initial 51% interest in the property from Copper Ridge Explorations Inc. by paying $25,000, issuing 550,000 shares and completing $1.5 million in exploration work on the property over four years.  The company has the option to increase its interest to 65% by issuing a further 300,000 shares and completing an additional $1.5 million in exploration over the next two years. A further 9 claims acquired later around Willoughby has now left BonTerra with a complete contiguous property.

BonTerra has also acquired the Zacatecas North Gold-Silver Property - Huston BC,. The property entails 17 mineral claims covering an area of approximately 7,724 hectares, lying within the Omineca mining district and id located adjacent to the old silver Queen mine property in central BC, ~30 km south from Huston on the Morice river-Owen Lake Forestry road, a good all-weather road which branches south from Highway 16 three km west of Huston. Following the latest acquisition from Seabridge, BonTerra now has an impressive portfolio of assets thus helping its valuations.

Mitch Adam confirmed that they will be starting drill programmes in both Willoughby and Red Mountain properties. We will be following BonTerra closely as the story unfolds.

About BonTerra Resources
BonTerra is a junior exploration company with its focus in North America. It has a strong management team and the ability to resource properties within British Columbia and the United States. BonTerra will provide a sound investment for its share holders by continually searching for quality properties to add to its portfolio.

About Seabridge Gold
Seabridge Gold is engaged in the development of gold properties in North America. From 1999 through 2002, when the gold price was lower, Seabridge acquired nine North American projects with substantial gold resources, including the multi-million ounce Courageous Lake and Kerr-Sulphurets-Mitchell deposits. Subsequent exploration by Seabridge has significantly expanded its acquired gold resource base.]]>
Thu, 25 Jun 2009 16:35:00 -0400 http://www.proactiveinvestors.com/companies/news/68905/seabridge-gold-sells-its-interest-in-the-red-mountain-property-to-bonterra-resources-inc--1750.html