Cassidy Vests 51% Interest in Nassile Gold Project, Niger
Cassidy Gold Corp. ("Cassidy") and Island Arc Exploration Corp. ("Island Arc") are pleased to announce that Cassidy has given notice to Island Arc that it has complied with its obligations under a Mining Option Agreement between Island Arc and Cassidy dated November 12, 2009 (the "Agreement") in order to vest a 51% interest in the Nassile project as defined in the Agreement. The Agreement provides that Cassidy and Island Arc are deemed to have entered into a joint venture agreement with respect to the Nassile project upon the exercise of the option by Cassidy.
The Nassile permit covers 576.7 square kilometres of the Sirba greenstone belt in the lower Proterozoic Birimian volcano-sedimentary series adjacent to the Burkina Faso border 100 kilometres southwest of Niamey, the capital of Niger. The Nassile permit lies 35 kilometres south of the Samira Hill gold mine and 200 kilometres southeast of IAMGold's Essakane Project.
On Behalf of the Board of Directors
James T. Gillis, President & CEO
Telephone: (250) 372-8222
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 Cassidy and Island Arc believe 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 Cassidy and Island Arc's management on the date the statements are made. Except as required by law, Cassidy and Island Arc undertake no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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