VANCOUVER, BRITISH COLUMBIA, Mar. 23, 2010 (Marketwire) -- Taku Gold Corp. (TSX VENTURE:TAK) is pleased to announce that it has entered into an agreement with Shawn Ryan to acquire the 168-claim (3,494 hectare) "Dan" property located some 40km south of Dawson City in the White Gold district of Yukon. The Dan property covers prospective rock types and structures similar to Underworld's White Gold project located 35km due south and Underworld's JP Ross and Maisy May project located 4km southeast.
The claim block straddles a creek that has never been placer mined despite the fact that is well known for its placer potential having been prospected for placer gold since the turn of the century. The property also covers 12.6km of a prospective, well-defined, linear, thrust fault system that is the possible northern extension of the gold-bearing structure found on Underworld's JP Ross property located 4km southwest. Ultramafic rocks and felsic Cretaceous intrusives that are found within and have been brought to surface by the thrust fault also enhance the gold potential of the property.
Due to poor exposure of bedrock in the White Gold district, soil sampling has been the primary reconnaissance exploration tool utilized by Underworld to identify drill targets (Underworld Press Release, January 27, 2010). Taku intends to follow the same "footprint" strategy and plans to collect up to 5000 soil samples from the Dan property in 2010.
Under the terms of the agreement Taku has the option to earn a 100% interest in the Dan property for total consideration of $250,000 cash, 1,000,000 treasury shares and $1,000,000 exploration work scheduled over a four - year period subject to a 2.0% Net Smelter Returns royalty (the "Royalty"). Taku will have the right to buy back the first 1.0% of the Royalty for $2,000,000 cash. The agreement is subject to approval by regulatory authorities in compliance with applicable securities legislation. A finder's fee of 75,000 treasury shares will be paid to an arms length party in connection with this acquisition.
Mark Fekete, P.Geo is the designated "qualified person" as defined in Section 1.2 in and for the purposes of National Instrument 43-101 responsible for the preparation of this release.
Statements in this release that are forward-looking are subject to various risks and uncertainties concerning the specific factors identified above and in the corporation's periodic filings with the British Columbia Securities Commission and the U.S. Securities Exchange Commission. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The corporation does not intend to update this information and disclaims any legal liability to the contrary.
Shares Issued 19,252,639
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