Advance Gold Corp. (the "Company") announces that Aviva Corporation Ltd. ("Aviva") has given a notice under its earn-in option on the 64 km2 Kakamega project areas in Kenya, confirming that it has incurred exploration expenditures on the property in excess of that needed to exercise the preliminary option.
This first earn-in grants Aviva the sole and exclusive option to acquire a 51% ownership interest in the project, which is comprised of three prospective Special Licences in Western Kenya namely: SL265 Bukura, SL266 Sigalagala and SL267 Rosterman held by Gold Rim Exploration Kenya Limited, Advance Gold's wholly-owned subsidiary. Aviva is the operator on the project and under the terms of the agreement Aviva has the right to earn a 75% interest in the project.
Termination of Red Rock Resources' Option - Ngira Migori, Kenya
Pursuant to the terms of the Mining Option Agreement dated August 13, 2009 between Gold Rim Exploration Inc., Advance Gold's wholly-owned subsidiary, and Red Rock Resources plc ("Red Rock"), Advance Gold has terminated the option as Red Rock failed to incur expenditures within the time periods set out in the Option Agreement. Under the terms of the option Red Rock was granted an option to acquire a 70% interest in Advance Gold's Ngira Migori Property in Kenya.
For further information, please contact:
Jim Gillis, President
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.
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