Bold Ventures Inc.

Bold Ventures Inc.

July 10, 2012 09:00 ET

Bold Ventures Acquires Historical Gold Property In Atikokan Area

TORONTO, ONTARIO--(Marketwire - July 10, 2012) - Bold Ventures Inc. (TSX VENTURE:BOL) ("Bold Ventures" or the "Company") is pleased to announce that it has acquired two contiguous properties in McCaul Twp. located approximately 14 km east of the town of Atikokan, Ontario in the Thunder Bay Mining Division.

The property is made up of four historical patented claims and one staked mining claim. Historical work on the property has included stripping, trenching and according to various non 43-101 compliant reports, diamond drilling. The area has seen recent exploration activity primarily for gold.

The terms of the option agreement for the four patented claims call for an initial payment of $7,000 and aggregate anniversary payments totaling $190,000. The payments shall comprise at least 50% cash and the balance in cash or shares of Bold Ventures at the Company's sole discretion. The Company may exercise its option to acquire the property at any time before the third anniversary of Closing upon the payment of the remaining outstanding share and/or cash obligations. The vendor retains a 2% Net Smelter Returns Royalty ("NSR") of which half (50%) of the NSR (1%) may be purchased at any time for $500,000 cash. Bold Ventures retains a right of first refusal on the remaining 1% NSR. The four patented claims comprise an area of approximately 66 hectares or 162 acres.

The terms of the agreement for the staked mining claim are a one-time payment of $12,000. The vendor retains a 1% Net Smelter Returns Royalty ("NSR") of which half (50%) of the NSR (.5%) may be purchased at any time prior to production for a cash consideration of $500,000. Bold Ventures retains a right of first refusal on the remaining 0.5% NSR. The claim comprises an area of 10 claim units totaling approximately 160 hectares or 392 acres.

The Company is currently completing data compilation and field investigations. Should the results of this work warrant it, a diamond drilling program will be developed to test any favourable targets that are located.

Richard E. Nemis, President and Chief Executive Officer

Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.

Neither 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 release.

Contact Information

  • Bold Ventures Inc.
    Richard E. Nemis
    President and Chief Executive Officer
    (416) 864-1456