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| | Mon Nov 16, 2009
Island Arc Exploration Corp. Announces Property Option
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| | Island Arc Exploration Corp. ("Island Arc") announces that it has entered into an agreement with Cassidy Gold Corp. ("Cassidy"), pursuant to which Cassidy has the right to acquire up to a 70% interest in Island Arc's Nassile Gold Project (the "Property") located in Niger, West Africa. As consideration for the option and upon acceptance from the TSX Venture Exchange (the "Exchange"), Cassidy will pay $100,000 and issue 200,000 common shares in the capital of Cassidy to Island Arc. In order to earn a 51% interest in the Property, Cassidy is required to spend $1,000,000 on exploration expenditures on or before the first anniversary of receipt of Exchange approval. In order to earn an additional 9% for a total of 60% interest in the Property, Cassidy is required to incur an additional $2,000,000 in exploration expenditures on or before the third anniversary of receipt of Exchange approval. Cassidy shall be entitled to earn an additional 10% interest, for a total 70% interest in the Property by advising Island Arc of its intention to complete a bankable feasibility study for the Property at its sole cost within a period of five years from the exercise of the option. Cassidy is a public company and listed on the Exchange under the symbol CDX. As certain directors and officers of Island Arc are also directors and officers of Cassidy, Island Arc and Cassidy are considered to be non-arm's length parties pursuant to the policies of the Exchange.
For additional information, please contact:
James T. Gillis, President & CEO
Telephone: (250) 828-8728
This news release contains certain statements that may be deemed "forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Island Arc Exploration Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Island Arc Exploration Corp.'s management on the date the statements are made. Except as required by law, Island Arc Exploration Corp. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Neither the 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 news release. |
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| | You can view the Next News Releases item: Tue Dec 22, 2009, Drill Program Commences At Island Arc's Nassile Gold Project, West Africa
You can view the Previous News Releases item: Tue Oct 13, 2009, Island Arc Plans Financing And Nassile Drill Program
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