LAS VEGAS, NEVADA, Mar. 18, 2010 (Marketwire) -- Daulton Capital Corp. (OTCBB:DUCP) is pleased to announce it has completed final negotiations on the Balarat property in compliance with the original agreement and acquired an additional 58 claims, bringing the claim total to 96.
The Balarat claim block is situated 3 miles south east of Underworld Resources' Black Fox Property (Underworld was recently acquired by Kinross Gold in a deal valued at $139.2 million). The combined claim block covers an area of more than 18 sq km. The claims, bordered by the Yukon River, Brittania Creek and straddling Balarat Creek, were historically significant placer gold producing creeks in the original Klondike Gold rush in 1897. Since that time over 13 M oz. of gold was produced. Local legends claim that the the "Mother Lode" is still waiting to be discovered.
Daulton Capital has the option to earn 100% interest in the property from Dawson City local prospector, Shawn Ryan (who is credited with the initial discovery on Underworld's valuable White Gold Property recently sold to Kinross Gold) by making staged cash payments and issuing common shares of the company on or before Aug 20, 2013. Shawn Ryan will retain a 2% net smelter return interest that requires an advance royalty payment in the amount of $30,000 starting Aug. 20, 2014. At the option of Daulton Capital, the net smelter return interest may be reduced to 1% upon making a $2 million dollar payment to Shawn Ryan.
"The location and Geological Survey of Canada (GSC) silt sample data of this property are of such significance to the entire area, and have put Daulton in a very strategic and enviable position as the region continues to develop as a major world exploration center," according to Terry Fields, the company's president and CEO.
ABOUT DAULTON CAPITAL CORP.:
Daulton Capital Corp. (OTCBB:DUCP) is a natural resource finance company focused on precious and base metals as well as oil & gas opportunities. Management's objective is to option or joint venture projects with major and junior natural resource companies to properly exploit the potential of each project. Daulton Capital has formed an experienced management team with the proven ability to take advantage of the tremendous opportunities that are available in the natural resource sector today. The company's focus is to acquire resource projects, expand exploration, and continues to seek special situations and unique opportunities in under-funded projects within the resource sector.
This news release may contain forward-looking statements. Therefore all readers of this information are cautioned that the forward-looking statements are inherently uncertain, including statements related to possible opportunities for growth strategies and statements that are not statements of historical fact, which may or may not be based on Daulton Capital Corp. management's estimates, assumptions, projections or beliefs. The forward-looking statements in this news release are subject to various risks, uncertainties and other factors that could cause Daulton Capital Corp. actual results or achievements to differ materially from those expressed in or implied by forward looking statements. Forward-looking statements are based on the beliefs, opinions and expectations of Daulton Capital Corp. at the time they are made, and Daulton Capital Corp. does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances, should change. Readers are cautioned not to place undue reliance on forward-looking statements.