Canadian Mining Journal

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PROJECT PURCHASE: Hawthorne acquires all of Taurus gold deposit

BRITISH COLUMBIA — Hawthorne Gold of Vancouver has acquired the remaining 70% interest in the Taurus gold dep...


BRITISH COLUMBIAHawthorne Gold of Vancouver has acquired the remaining 70% interest in the Taurus gold deposit from American Bonanza Gold, also of Vancouver. Hawthorne previously acquired a 30% interest in the deposit when it merged with Cusac Gold in April 2008. The Taurus property is located within the Cassiar gold camp approximately 115 km north of Dease Lake.

 

Pursuant to the terms of the acquisition agreement, the Hawthorne will issue 6.75 million common shares to Bonanza in exchange for 46 mineral claims. Ten of the 46 claims acquired are subject to a 2.5% net smelter return royalty in favour of a third party. Bonanza with then own 13% of Hawthorne, and Bonanza has agreed to vote its new Hawthorne shares in accordance with the recommendation of the Hawthorne management. This agreement replaces an earlier option agreement covering the property between the two companies.

 

The Taurus property includes a high-grade, small underground gold mine that was active in the early 1950s and again the early 1980s. A 43-101-compliant report dated June 2007, estimated inferred resources at 32.4 million tonnes grading 1.0 g/t Au using a cutoff grade of 0.5 g/t.

 

Hawthorne operates the Table Mountain gold mine and mill immediately south of the Taurus deposit. Claim maps are posted at www.HawthorneGold.com.


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