Cortez Gold Corp.

Cortez Gold Corp.

December 02, 2009 08:30 ET

Cortez Gold Corp.: Proposed Qualifying Transaction Terminated

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 1, 2009) - Further to its press release of October 31, 2009, Cortez Gold Corp. (TSX VENTURE:CUT.P) ("Cortez") reports that the proposed transaction with Seabridge Gold Inc. (SEA – T; SA-NYSE Amex) ("Seabridge") dated July 31, 2009, as amended (the "Agreement") for the acquisition of various mineral claims in Nevada from Seabridge, has been terminated. Seabridge has today rejected further proposals made by Cortez to restructure the financial payments to be made to Seabridge under the Agreement. Specifically, Cortez was negotiating to restructure the cash portion of the transaction which involved the payment to Seabridge of US$2.9 million.

Cortez is a capital pool company and will be aggressively pursuing an alternate transaction to constitute its Qualifying Transaction (as such term is defined in the policies of the Exchange).

ON BEHALF OF THE BOARD of Cortez Gold Corp.

Robert Eadie, President & Chief Executive Officer

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 release.

Contact Information

  • Cortez Gold Corp.
    Robert Eadie
    President and CEO
    (604) 602-4935
    (604) 602-4936 (FAX)