Lappland Goldminers AB sells Nynäsberget Gold prospect to Northern Lion
June 2, 2006
Lycksele - Lappland Goldminers AB has reached agreement with Northern Lion Gold Corp Vancouver, British Columbia, to sell a 100% interest in the Nynäsberget gold prospect, in central Sweden.
Under the property purchase agreement, Northern Lion will pay to Lappland Goldminers SEK4,000,000
(approximately CDN$611,200) payable by the issuance of approximately 1,018,667 common shares of Northern Lion at a deemed price of CDN$.60 each. The agreement provides that Lappland Goldminers will hold the shares for a period of two years, after which the Company will have the first right to purchase or place the shares should Lappland Goldminers wish to sell all or a portion of them. The agreement also contains provisions regarding the voting of the shares.
The agreement is subject to the approval of the TSX Venture Exchange.
The Nynäsberget Gold Prospect
The Nynäsberget prospect is located in the Ragunda County in the Jämtland region of Sweden, approximately 400 km north of Stockholm and approximately 200 km south-southwest of Lappland Goldminers’ Fäboliden deposit.
About Northern Lion Gold Corp
Northern Lion is a Canadian mineral exploration company listed on the TSX Venture Exchange and the Frankfurt Exchange. It owns 100% of the Haveri gold project, a past gold producer in southern Finland, and is committed to building a strong portfolio of projects within mining-friendly and infrastructure-rich areas of Scandinavia. Northern Lion has also recently been granted a mineral exploration license over an extensive area of the prolific Iberian Pyrite Belt, in southern Portugal. Northern Lion is well funded to continue to define and explore its existing projects and to acquire and explore new projects.
The sell of Nynäsberget is a step in our efforts to concentrate our resources on development of our prime projects on the Gold Line in Västerbotten, in and around our flagship project Fäboliden. The agreement will give Lappland Goldminers approximately 3.5% of the shares, of Northern Lion, a company with good possibilities says Karl-Åke Johansson, CEO of Lappland Goldminers AB. (see the Northern Lion website: www.northernliongold.com).
For more information about Lappland Goldminers, please contact:
Karl-Åke Johansson, CEO
Tel. +46 950 275 01
Tomas Björklund, member of the Board
Tel. +46 70 662 35 35
- Contact Information
- Karl-Åke Johansson
- Lappland Goldminers AB
- Contact via E-mail
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