ADVANCE GOLD ACQUIRES 100% INTEREST IN TABASQUENA SILVER MINE IN ZACATECAS, MEXICO
Advance Gold Corp. (TSXV: AAX) ("Advance" or "the Company") is pleased to announce that, upon regulatory approval, its wholly owned Mexican subsidiary, Advance Gold S.A. de C.V., ("Advance Mexico") will acquire a 100% interest in the Tabasquena Silver Mine in Zacatecas, Mexico (the "Mining Concessions").
Allan Barry Laboucan, President and CEO of Advance said; "We have been able to position ourselves in a silver project that remains open for exploration, in one of the most prolific silver districts worldwide. In fact, we share the same geological structure as several important Mexican mines. Our vending partners, who will become significant shareholders in the company, will retain an NSR and will help us develop the Tabasquena project as they bring local knowledge and experience needed for permitting, community relations and geological understanding. Our vending partners are key to rapidly advancing the Tabasquena project. Our small share float and timing to acquire this silver project with precious metal prices performing well, has us well positioned for growth."
Upon receipt of regulatory approval, Advance will issue to Hot Spring Mining, a Mexican based corporation, 1,000,000 common shares which will be subject to a statutory four-month hold period, in exchange for which Hot Spring Mining will transfer a 100% interest in the Mining Concessions to Advance Mexico. Hot Spring Mining will retain a 2.5% NSR, of which Advance Mexico has the right to buy 1.5% at a rate of $500k CAD per 0.50%.
Two of the managing partners of Hot Spring Mining, Gilberto Zapata Castaneda and Jose de Jesus Parga will become advisors to Advance.
On behalf of the Board of Directors of Advance Gold Corp.,
"Allan Barry Laboucan"
Allan Barry Laboucan, President and CEO
For further information contact Allan Barry Laboucan @:
Phone (604) 505-4753
You can also view this News Release on our website at:
http://www.advancegold.ca/s/NewsReleases.asp?ReportID=802418