American Gold Capital Corporation

November 29, 2010 15:34 ET

American Gold Capital Corporation: Report of Acquisition of Shares of Gunpoint Exploration Ltd.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 29, 2010) - American Gold Capital Corporation ("American Gold"), a wholly-owned subsidiary of Chesapeake Gold Corp., reports that it has acquired beneficial ownership of 31,977,899 common shares (the "Gunpoint Shares") of Gunpoint Exploration Ltd. ("Gunpoint") representing 81.8% of the outstanding common shares of Gunpoint. Prior to the issuance of the Gunpoint Shares, American Gold did not own or control any common shares of Gunpoint.

The Gunpoint Shares were issued to American Gold in a private transaction as consideration for the sale by American Gold to Gunpoint of all of American Gold's right, title and interest in and to the shares of American Gold Capital US Inc., which holds the Talapoosa mineral project located in Nevada.

The Gunpoint Shares were issued at a deemed issue price of $0.49 per share. The Gunpoint Shares were acquired by American Gold for investment purposes. Depending on economic and financial conditions, American Gold may acquire further common shares of Gunpoint (through market or private transactions) from time to time for investment purposes.

A copy of the related early warning report may be obtained from the SEDAR website (www.sedar.com) or from American Gold (attention: P. Randy Reifel, President) at (604) 731-1094.

On behalf of American Gold Capital Corporation:

P. Randy Reifel, President

Contact Information

  • American Gold Capital Corporation
    P. Randy Reifel
    President
    (604) 731-1094