Canadian firm advances US$1M deal to acquire second gold project in Guyana

(Kaieteur News) – Canadian gold exploration company Lighthouse Gold Inc. has signed an agreement to acquire a second gold project in Guyana, with the transaction involving cash payments totalling US$1.05 million and 35 million company shares.

Lighthouse announced that it had executed a property option purchase agreement granting it the exclusive right to acquire a 100% interest in the Mariwa-Sardine Hill–Lower Cuyuni Gold Property. The agreement gives Lighthouse four years to exercise its option to acquire the property, which comprises three contiguous medium-scale mining permits covering approximately 3,240 acres or 13 square kilometers (km2).

The property is located within the highly prospective Oko Gold District – an area where other Canadian firms are developing large-scale gold projects. Under the terms of the agreement, Lighthouse will pay a US$100,000 non-refundable deposit, which was previously paid when the company signed a letter of intent, and a further US$150,000 within five business days of the Canadian Securities Exchange (CSE) accepting the transaction. The company will also issue 35 million common shares and make annual cash payments of US$200,000 for four years, totalling US$800,000.