Thelon Capital Ltd.

Thelon Capital Ltd.

October 23, 2009 09:00 ET

Thelon Acquires Land in Stewart Mining Camp

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 23, 2009) - Thelon Ventures (TSX VENTURE:THV)(FRANKFURT:TFH) is pleased to report it has entered into an option agreement with Blair Naughty to acquire a 100% interest in 4 claim blocks (approximately 1450 hectares) in the Stewart Mining camp in British Columbia. This block of land is in the vicinity of the new Montrose gold discovery announced by Decade Resources Ltd. on its Red Cliff property. Decade recently announced (on Stockwatch Sept. 3, 2009) drilling results of 7.3 grams per ton of gold across 28.3 metres and 5.78 grams per ton across 28.4 metres and 7.5 grams per ton gold across 32.5 metres. Thelon is in the process of attempting to acquire additional acreage in the area.

Pursuant to the terms of the agreement, to earn its option, Thelon must pay the vendor $15,000 in cash, issue a total of four million shares in the capital of the company and incur a total of $225,000 in expenditures on the property, $25,000 on or before July 1, 2010, with the balance on or before Dec. 1, 2011. The vendor has retained a 3-per-cent net-smelter-return royalty of which Thelon can buy down 1 per cent through the payment of $1-million in cash or shares to the vendor prior to commercial production. A finder's fee in cash and securities may be payable with respect to the acquisition.

The company has also acquired 50 hectares of land from the vendor adjoining the Pinnacle mine owned by Ascot Resources (AOT-TSX-V) from the vendor as part of the package.


On behalf of the Board of Directors

Jason Walsh, President

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this News Release.

Contact Information

  • Thelon Ventures Ltd.
    Jason Walsh
    (604) 682-1643
    (604) 682-1666 (FAX)