Strikepoint, Wildcat Exploration amend Poundmaker deal
2010-02-26 17:47 ET - News Release
Also News Release (C-WEL) Wildcat Exploration Ltd
Ms. Courtney Shearer of Strikepoint reports
STRIKEPOINT GOLD AND WILDCAT EXPLORATION MODIFY OPTION AGREEMENT
Strikepoint Gold Inc. and Wildcat Exploration Ltd. have agreed to amend the terms of their agreement, pursuant to which Strikepoint has an option to earn an interest in Wildcat's Poundmaker property in the Rice Lake greenstone belt of Manitoba.
Under the amendment, in addition to other payments to be made pursuant to the agreement, Strikepoint will pay to Wildcat $50,000 on or before March 1, 2010, and the period in which Strikepoint is to incur $500,000 of exploration expenditures is extended from March 1, 2010, to April 30, 2010. The parties have also agreed that Wildcat will appoint a geologist to the project team, to be financed by Strikepoint and under the direction of Strikepoint's project manager, to contribute to the project work and reporting. Finally, the parties have agreed that the agreement will be amended to provide for restitution to Wildcat by Strikepoint for any future shortfalls in meeting the annual contractual exploration expenditures by Strikepoint. The other provisions of the agreement remain in force and are unchanged.
Strikepoint may earn up to a 100-per-cent interest in the Poundmaker property under the agreement. After $4-million has been spent by Strikepoint on exploration work, Wildcat may elect to retain up to a 35-per-cent participating interest in the property. (See Strikepoint and Wildcat news releases in Stockwatch dated Feb. 4, 2008.)
As a result of its recent financing (see Strikepoint news release in Stockwatch dated Dec. 17, 2009), Strikepoint is well financed to meet its projected work obligations on the Poundmaker property. Strikepoint has engaged Apex Geosciences Ltd. to manage work on its projects in the Rice Lake greenstone belt and geophysical crews under the direction of Apex are currently working on the Poundmaker property in order to confirm structure on winter drill targets.
We seek Safe Harbor.
