Harte Gold Corp.

Harte Gold Corp.
Corona Gold Corporation

January 25, 2007 13:45 ET

Harte Gold Corp. and Corona Gold Corporation: Joint News Release

TORONTO, ONTARIO--(CCNMatthews - Jan. 25, 2007) - Corona Gold Corporation (TSX:CRG) and Harte Gold Corp. (TSX VENTURE:HRT) announce that they have agreed to further extend to April 2, 2007 the scheduled closing date for the previously-announced purchase and sale transaction under which Corona has agreed to sell its 51% interest in the Sugar Zone property located in the Sault Ste. Marie Mining Division of Ontario to Harte for $5.0 million in cash and warrants to purchase an aggregate of 2,500,000 common shares of Harte at an exercise price of $0.50 per share. Corona will also retain an option to re-acquire at any time an undivided 20% interest in the Sugar Zone property upon payment of an amount equal to the aggregate of: $1.0 million and 20% of all costs incurred in respect of the property by Harte following the closing date. Under the terms of the latest extension, if the purchase by Harte is not completed by April 2, 2007, Corona will have the right exercisable until July 31, 2007 to purchase Harte's 49% interest in the Sugar Zone property for $5.0 million in cash. The transaction remains subject to regulatory approval.

The Toronto Stock Exchange and the TSX Venture Exchange have in no way passed upon the merits of the proposed transaction and have neither approved nor disapproved the contents of this press release.

Contact Information

  • Harte Gold Corp.
    Robert Platt
    (416) 364-3900
    (416) 368-6827 (FAX)
    Corona Gold Corporation
    Murray John
    (416) 482-8606
    (416) 488-1676 (FAX)