MacMillan Gold Receives 100,000 Additional Common Shares From West Timmins Mining
George A. Brown, president and CEO of MacMillan Gold Corp. (TSX VENTURE: MMG) is pleased to announce that MacMillan has received a further 100,000 shares of West Timmins Mining Inc. (TSX: WTM) of Vancouver. These were published as the reason, or the September 30, 2008, under the terms of the Letter of property Option Agreement dated 7 November 2007, new publication on November 8, 2007.
West Timmins May earn the first 51% interest in the La Violetta, Chino Gordo, Palmer House and the issuance of 300,000 shares (200,000 received) and expenses of $ 500,000 September 30, 2010 (over $ 100,000 as appropriate signals spent on September 30, 2008). West Timmins competition May their interest to 60% for an additional 200,000 shares and an additional $ 500,000 expenditure on September 30, 2013.
If West Timmins complete 60% earn, they have the right to increase their interest to 70% in business, finance, and provide a bankable feasibility report within three years to win 60%.
The shares will be received as signals to a value of $ 40,000 during the year ended September 30, 2008 based on the closing price of West Timmins actions on the eve of the question. The $ 40,000 the value of the shares will be signals as property option revenue that are deducted from the balance of exploration properties.
Property options are one of the methods used successfully by MacMillan or order to advance the development of exploration properties in the property option revenue providing working capital MacMillan to the exploration of gold and expenditures are financed by third parties by reducing the need for dilution of shares or MacMillan.
MacMillan or continue to support the activities of the West Timmins and we look forward to exploring the positive results in the near future.