TomaGold Corporation

TomaGold Corporation

June 05, 2013 06:30 ET

TomaGold and Quinto Amend the Monster Lake Property Agreement

MONTREAL, QUEBEC--(Marketwired - June 5, 2013) - TomaGold Corporation (TSX VENTURE:LOT) ("TomaGold" or the "Company") and Quinto Real Capital Corporation (TSX VENTURE:QIT) ("Quinto") have agreed to contractually amend their agreement dated November 26, 2012, for the Monster Lake property ("Monster Lake"), located near Quebec's Chibougamau mining camp.

To be finalized in the coming weeks, the new agreement essentially provides for:

  • The agreement dated November 26, 2012, to be cancelled;
  • TomaGold to henceforth hold an 85% interest in Monster Lake and be the sole project operator; and
  • Quinto to own a 15% interest in Monster Lake.

David Grondin, President and CEO of TomaGold, stated that: "This new agreement is very positive for both parties because it optimizes the development of the Monster Lake project. TomaGold becomes the sole operator of the project and continues to consolidate its dominant position around Monster Lake, and Quinto retains a 15% interest in a high-value project with growing potential. In the coming weeks, we will devote our efforts to the launch of our next drilling program at Monster Lake."

The transaction is subject to the approval of the TSX Venture Exchange and the signature of a final agreement by the parties.

The Company has also granted 300,000 stock options to certain directors pursuant to the Company's stock option plan. The options are exercisable over a five year period at an exercise price of $0.20 per share.

About TomaGold Corporation

TomaGold Corporation is a Canadian-based mining exploration company whose primary mission is the acquisition, exploration and development of gold projects in Canada and abroad.

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 news release.

Contact Information

  • TomaGold Corporation
    David Grondin
    President and Chief Executive Officer
    (514) 206-7727