Duncan Park Announces Completion Of Geophysical Field Work, And Signing Of Definitive Agreement With Respect To McManus Property At Red Lake
TORONTO, ONTARIO -- (Marketwire) -- 03/30/11 -- Duncan Park Holdings Corporation (TSX VENTURE: DPH) (the "Company" or "Duncan Park") announced today that it is pleased to report that field work of the geophysical survey by Abitibi Geophysics on its Red Lake Property has been completed on schedule. Results of the analysis of the geophysical data gathered and recommended targets are expected by the end of April. Following that, the Company is planning a diamond drilling program to test selected targets.
The drilling program of targets on the land-based claims is planned to commence this summer, and drilling of targets on the lake-based claims is planned to commence as soon as ice conditions on the lake permit next winter. Complete details of the property, the exploration agreements, and the exploration program are available on the Duncan Park website at www.duncanpark.com.
The Company also announced the signing of the definitive option agreement with Sphere Resources Inc. ("Sphere") and Camp McMan Red Lake Gold Mines Inc. ("Camp McMan") pertaining to the earn-in of the McManus property contemplated by the letter of intent Duncan Park entered into with Sphere earlier this year. (See press release dated January 5, 2011.) The agreement remains subject to, among other things, completion of satisfactory due diligence by Duncan Park, and receipt of all requisite regulatory and other approvals, including stock exchange approvals.
In brief, Sphere has granted Duncan Park its option to acquire a 100% interest in the McManus property by the payment of $210,000 in option payments to Camp McMan, incurring $1,200,000 in exploration expenses over the next four years, and, in certain circumstances, the possible issue of up to 632,400 shares, subject to Sphere's right to claw back a 51% interest by paying Duncan Park four times the amount spent by Duncan Park.Cautionary Note Regarding Forward-Looking Information
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