Taku Gold Corp.
TSX VENTURE : TAK

Taku Gold Corp.

August 24, 2010 08:00 ET

Taku Acquires Five New Properties to Become Second Largest Claim Holder in White Gold District of Yukon

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 24, 2010) - Taku Gold Corp. (the "Company") (TSX VENTURE:TAK) is pleased to announce that it has purchased a 100% interest in five individual properties from a Yukon based staking syndicate. The properties are located approximately 50km southeast of Dawson City in the Klondike goldfields of Yukon. Together the properties include 1,522 claims (31,505ha). The addition of these new properties to its existing Dan and Rosebute properties gives Taku a dominant position in the White Gold District with 2,544 claims (52,660ha).

Taku has agreed to purchase the five properties for total consideration of 1.8-million common shares of Taku. Taku has also agreed to pay invoices submitted by third party contractors for staking costs that in aggregate will not exceed normal commercial rates of $250 per claim ($380,500 total). The Shares will be subject to a four month hold period, as prescribed by applicable securities legislation and the policies of the TSX Venture Exchange.

The Sulphur property includes 548 claims (11,344ha) and was staked to cover the southeast-trending ridge that separates Sulphur Creek from the Indian River where significant placer gold has been produced historically and production is still ongoing. Total consideration for a 100% interest in the Sulphur property is 655,000 common shares subject to 2.0% net smelter returns royalty. Taku will have the right to buy back the first 1% of the royalty for $1-million cash and will have the right of first refusal to purchase the remaining 1%.

The Quartz property includes 146 claims (3,022ha) and was staked to cover left limit of Quartz Creek where significant placer gold has been produced historically and production is still ongoing. Total consideration for a 100% interest in the Quartz property is 165,000 common shares subject to 2.0% net smelter returns royalty. Taku will have the right to buy back the first 1% of the royalty for $1-million cash and will have the right of first refusal to purchase the remaining 1%.

The Montana property includes 268 claims (5,548ha) and was staked to cover the lower end of Montana Creek and Steele Fork. Airborne magnetic data and limited geological mapping indicate that Steele Fork follows a thrust fault prospective for gold mineralization. The property ties onto the northeast corner of Kinross's JP Ross property. Total consideration for a 100% interest in the Montana property is 320,000 common shares subject to 2.0% net smelter returns royalty. Taku will have the right to buy back the first 1% of the royalty for $1 -million cash and will have the right of first refusal to purchase the remaining 1%.

The Wounded Moose property includes 280 claims (5,796ha) and was staked to cover a series of circular airborne magnetic highs that parallel Wounded Moose Creek where placer gold production has been recorded. Total consideration for a 100% interest in the Wounded Moose property is 330,000 common shares subject to 2.0% net smelter returns royalty. Taku will have the right to buy back the first 1% of the royalty for $1 -million cash and will have the right of first refusal to purchase the remaining 1%.

The AM property includes 280 claims (5,796ha) and covers the headwaters of Australia and Melba creeks where placer gold production has been recorded. The property was staked to cover a prominent airborne magnetic low that continues from Gold Run Creek across the Indian River valley onto the AM property. Gold Run is historically one the most productive creeks in the Klondike goldfields and continues to produce placer gold today. Total consideration for a 100% interest in the AM property is 330,000 common shares subject to 2.0% net smelter returns royalty. Taku will have the right to buy back the first 1% of the royalty for $1-million cash and will have the right of first refusal to purchase the remaining 1%.

"Our goal is to make Taku a leader in the White Gold District. These new acquisitions give us a land base to pursue exploration over a 4 to 5 year period" stated Zak Dingsdale, President and CEO.

On Behalf of the Board,
Taku Gold Corp.
 
Zachery Dingsdale,
CEO and President

About Taku Gold Corp.

Taku Gold Corp. (http://www.takugold.com) is a mineral resource company focused on the exploration and development of precious metal properties in Canada with a particular emphasis on the White Gold District of the Yukon Territory and the Tagish Lake region of Northern British Columbia.

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Statements in this release that are forward-looking are subject to various risks and uncertainties as identified above and in the Company's periodic filings with the British Columbia Securities Commission and the U.S. Securities Exchange Commission. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not intend to update this information and disclaims any legal liability to the contrary.

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.

Contact Information

  • Taku Gold Corp.
    Zachery Dingsdale
    CEO and President
    604.642.0115 or Toll Free at 866.345.0115
    604.642.0116 (FAX)
    tangentnews@telus.net