Advance Gold Corp. (the "Company") announces that it has entered into a mining option agreement (the "Option Agreement") dated January 10, 2012 with Azania Resources BVI Ltd. ("Azania BVI") and its subsidiary, Azania Resources (Tanzania) Ltd. ("Azania Tanzania"), pursuant to which Azania Tanzania has granted the Company an option (the "Option") to acquire a 100% interest in PL 6266/2009 (the "Property"), which consists of one claim totalling approximately 59.39 square kilometres located in the Singida region of Tanzania.
In consideration of the grant of the Option, the Company will pay Azania BVI $50,000 and issue to Azania BVI 500,000 common shares of the Company by the first business day after the date the TSX Venture issues its written acceptance of the Option Agreement and the transactions contemplated thereby (the "Approval Date"). In order to maintain and exercise the option, the Company must: (i) by the first anniversary of the Approval Date, issue to Azania BVI an additional 1,000,000 common shares of the Company and incur expenses on the Property as is required by the applicable government or regulatory authorities; and (ii) by the third anniversary of the Approval Date, issue to Azania BVI an additional 1,500,000 common shares of the Company.
For additional information, please contact:
James T. Gillis, President and CEO
Telephone: (250) 314-0186
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 the Company 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 may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors should change, except as required by law.
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.