TORONTO, ONTARIO, Apr. 9, 2010 (Marketwire) -- Crown Minerals Inc. ("Crown" or the "Company") (TSX VENTURE:CWM) is pleased to announce that it has entered into an option agreement with an arms length party (the "Vendor") to acquire a 100% interest in 12 patented claims totalling 192 hectares (the "Property") near Kirkland Lake, Ontario, subject to TSX Venture Exchange approval.
The Property is in the northwest corner of the Otto Township and northeast corner of the Eby Township approximately 10 kilometers south west of Kirkland Lake and 1.5 kilometers south of the Cadillac-Larder Lake Deformation Zone.
In order to exercise the option, Crown has agreed to pay up to $36,000 in cash, issue up to 100,000 shares, and incur up to $300,000 in exploration expenditures over a period ending December 31, 2013 with a 2% net smelter returns royalty reserved by the Vendor (half of which can be purchased for $1,000,000), of which $1,600 in cash has been paid and $2,000 in cash and 10,000 shares are payable on or before June 30, 2010.
This release was prepared by management of the Company who take full responsibility for its contents.
Forward Looking Information: This news release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual events or results to vary materially from those discussed in such forward looking statements. Such risks and uncertainties include those described in the Company's periodic reports including the annual report or in the filings made by the Company with securities regulators.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.