Feb 01, 2010 17:06 ET
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Feb. 1, 2010) – Vangold Resources Ltd. (“Vangold” or “the Company”) (TSX VENTURE:VAN) is pleased to announce that it has completed its acquisition from New Guinea Gold Corp. (“NGG”) of its shares in Pacific Kanon Gold Ltd (“PKG”) and associated interests in certain mineral properties. PKG’s subsidiary, Kanon Resources Ltd., holds title or rights to several gold projects in Papua New Guinea.
As a result of the transaction, the Company acquired and consolidated a 100% interest in four gold properties – Mt. Penck, Allemata, Fergusson and Feni – through the acquisition of:
- the remaining common shares of PKG not already held by Vangold (PKG indirectly holds an 80% interest in Mt. Penck and a 100% interest in the Allemata and Fergusson properties), together with all of the shareholder loans made by NGG to PKG;
- NGG’s remaining 20% interest in the Mt. Penck property; and
- NGG’s remaining 50% interest in the Feni Island property (a 50% interest was already held by Vangold prior to the acquisition).
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