TORONTO, ONTARIO--(Marketwired - April 2, 2013) -
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Frontline Gold Corporation (TSX VENTURE:FGC) ("Frontline" or the "Company") would like to announce that, subject to TSX Venture approval, Frontline has completed the final option payment (the "Option Payment") (refer to the press release dated January 30, 2013) due on the Menderes Property (the "Property") by the issuance of 2,500,000 common shares from the treasury valued at $0.05 per share. The shares will be issued to ENA Mad. TIC VE NAK. LTD. STI ("ENA"). With respect to the Option Payment, the Company has amended the Option to Purchase and Transfer Agreement dated June 11, 2010 between the Company and ENA to reflect changes to the Option Payment from cash to shares of the Company.
Subject to TSX Venture approval, the Company completed the acquisition of a 100% interest in the Property for $270,000, subject to ENA retaining a 2% NSR on the Property of which 50% may be acquired for $1,000,000.
Frontline's Menderes project, located in Izmir province, western Turkey and the property, located only 20 km from the provincial capital of Izmir, consists of 62 km2 in a high potential epithermal gold environment. The exploration focus of Menderes is the eastern strike extension of Eldorado Gold Corporation's Efemcukuru gold mine, which began operation in mid-2011.
"We very pleased to have completed the option to acquire a 100% interest in the Menderes Property, which continues to have excellent exploration potential as demonstrated by Eldorado's recent announcements of its successful exploration drilling at its Efemcukuru Gold Mine adjacent to the Menderes property," said President and CEO, Walter Henry. "Our technical team believes that the exploration drilling completed to date by Eldorado on its Kokarpinar vein structure, immediately to the west of our property, indicates the potential of Frontline's Menderes project to host a significant epithermal gold environment."
About Frontline Gold Corporation
Frontline is a Canadian junior mineral exploration company with an experienced discovery team and a proven record of accomplishment. The Company's flagship properties include the Menderes gold project in the Izmir province of Western Turkey and the Niaouleni gold project in southern Mali in the heart of West Africa's prolific gold belt. Ongoing Canadian exploration includes the Poly (gold VMS) and the Stewart (gold-copper porphyry) projects.
For further information, please visit the Company's website at www.frontlinegold.com to view the most recent corporate presentation.
This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in metal prices; currency fluctuations; and general market and industry conditions.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.