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Christopher James Gold Corp (“the Company”) (CJG: TSX.V) is pleased to announce that it has signed a Letter-of-Intent (“LOI”) with Fortune River Resources (FRX: TSX.V) to jointly explore the Zebra Gold Project in Nevada. The property is located approximately 20 km. due west of Newmont’s Midas mine and directly north of Yamana/Atna’s recent discovery at their Clover Project. This will be the third low-sulphidation gold/silver property in Nevada being jointly explored by Christopher James Gold and Fortune River Resource Corp. (see the Company’s July 14 and July 21, 2009 News Releases).
After an initial payment of $15,000 (USD) by Christopher James Gold, each company will contribute equally to each earn a 50% interest in the Zebra property, subject to a standard dilution formula should one party decide not to contribute. Fortune River will be project manager initially, continuing as long as mutually agreed. Annual minimum royalties will be due starting on the first anniversary, beginning at $10,000 (USD) and increasing yearly by $10,000 (USD) to a maximum of $50,000 (USD) annually. Fortune River and Christopher James will be responsible for claim-holding fees unless the property option is terminated by June 1st of each year. The project is subject to an underlying royalty of 3 % NSR, of which 1% NSR can be purchased for $ 1,000,000 (USD) and a second 1 % NSR can be purchased for $ 1,500,000.
The Zebra project consists of 85 lode mining claims covering approximately 680 hectares on land managed by the Bureau of Land Management. Zebra’s setting is along the Northern Nevada Rift, a major geological feature in Nevada associated with multi-million ounce, high-grade gold deposits such as the Buckhorn, Mule Canyon, Fire Creek, and Newmont’s Midas mine, and is adjacent to, and along strike with Yamana/Atna’s Clover project which has produced several drill intercepts of +30 g/t gold.
The initial exploration program will consist of data compilation, geological mapping, detailed surface sampling, and geophysics to generate drill targets.
Christopher James Gold’s President Max Baker commented; “This third agreement with FRX is part of the Company’s ongoing exploration strategy of joint venturing with established explorers on their intermediate-stage exploration projects. The company is specifically targeting gold projects which show good indications of either near-surface high-grade or bulk-tonnage mineralization potential that can be quickly and cost effectively advanced to the drilling stage and then tested with a limited number of holes. The Zebra property is one more addition to CJG’s expanding portfolio of gold projects as part of its strategy of becoming a significant explorer in both Nevada and Mexico. This project, like the previous ones, shows good pedigree and clear indications of exploration upside. The next 12 month’s minimum expenditure commitment for the three recently acquired Nevada gold projects is less than $200,000, allowing CJG the flexibility to acquire additional projects and drill test any priority targets which come out of the current work in Nevada. The company currently has approximately $2M in funds, sufficient to enable it to acquire and advance several additional projects in Nevada and Mexico, prior to raising any additional funds.”
About Christopher James Gold
Christopher James Gold Corp continues to actively pursue exploration opportunities in Canada, the USA, and Mexico and presently owns 100% of the following exploration-stage gold/copper properties in British Columbia: Big Kidd, Brassie Creek, Little Fort, Copper Creek, and Craigmont projects. In addition the Company has joint ventures with Fortune River Resource Corp. on the Highland and Buz gold projects in Nevada. This third agreement with Fortune River Resource Corp. is a part of CJGC’s ongoing corporate strategy to become more active in both Nevada and Mexico.
About Fortune River
Fortune River Resource Corp. is exploring for high-grade gold deposits within two prolific gold producing geologic provinces, Nevada and Ontario. The Wind Mountain, East Manhattan, Highland, Baxter, Mud Springs, and Buz projects are located in Nevada and the Drayton project is located in Ontario.
Christopher James Gold Corp. is a reporting issuer in British Columbia and Alberta, and trades on the TSX Venture Exchange under the ticker symbol CJG.
Please visit www.christopherjamesgold.com
E. Max Baker B.Sc. (Hons) Ph.D., Member AustIMM is the Qualified Person as defined by National Instrument 43-101, and is responsible for the preparation of this News Release, which is based on information obtained from the Joint Venture Partner.
On behalf of the Board,
E. Max Baker, President, CEO Christopher James Gold Corp.
FURTHER INFORMATION
Christopher James Gold Corp.
Investor Relations
Tel: 604 408 8829
Email: info@christopherjamesgold.com
This news release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results. Readers are referred to the sections entitled “Risk Factors” in the Company’s periodic filings with the British Columbia Securities Commission, which can be viewed at www.SEDAR.com.
The TSX Venture Exchange does not accept responsibility
for the adequacy or accuracy of this release.
