VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 6, 2016) - Taku Gold Corp. (CSE:TAK) ("Taku" or the "Company") is pleased to announce that it has signed an option agreement (the "Agreement") with Independence Gold Corp. ("Independence") whereby Independence may earn a 100% interest in the Rosebute Property (the "Property") located in the White Gold District of Yukon.
The Rosebute Property comprises 694 contiguous claims (14,387 hectares) and contains two significant new gold discoveries known as the Norwest and Hudbay zones. The Property is located approximately 58 kilometres south of Dawson City, Yukon and approximately 29 kilometres north of the Golden Saddle Deposit owned by Kinross Gold Corporation. The Property is contiguous to the west of Independence's Henderson Property, and is situated in close proximity to the northern access road proposed by Kaminak Gold Corporation that will provide access to the multi- million-ounce Coffee gold deposit.
Pursuant to the agreement, Independence may acquire a 75% interest in the Property by making staged cash payments totaling $295,000 ($60,000 upon closing), the issuance of an aggregate of 1,000,000 million shares (200,000 upon closing) and work commitments of $2,000,000 ($300,000 in the first year) over a three year period. Upon completion of the 75% earn-in, Taku may elect to participate as a 25% interest joint venture partner, or sell the remaining 25% to Independence for an additional cash payment of $500,000 and a share issuance of 1,000,000 shares. If Taku sells the remaining 25% interest, it will retain a 1.0% net smelter returns royalty ("NSR") on the Property, with Independence retaining the right to buyback 0.5% of the NSR for $500,000. In addition, the Property is subject to a 2.0% underlying royalty, with a retained right to buyback 1.0% of the underlying royalty for $2,000,000.
On Behalf of the Board of 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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Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.