VANCOUVER, British Columbia, Sept. 13, 2004 (PRIMEZONE) -- Running Fox Resource Corp. (TSX Venture Exchange:RUN)
Wayne Waters reports:
The company has completed the acquisition announced in an August 27, 2004 News Release and approved by TSX Exchange Bulletin released on August 31, 2004.
The acquisition was the purchase of 100% of a Nevada Limited Company, known as Blue Desert Mining US Inc. that owns mineral claims in Alaska, named the GOBI and Mohave Claim Groups, for consideration of 450,000 common shares.
The Company common shares were delivered to the Vendor, Nevada Geothermal Power Inc. in four certificates with resale restrictions as follows:
100,000 shares with a 6-month transfer restriction legend expiring March 1, 2005;
100,000 shares with a 12-month transfer restriction legend expiring September 1, 2005;
100,000 shares with an 18-month transfer restriction legend expiring March 1, 2006;
150,000 shares with a 24 month transfer restriction legend expiring September 1, 2006.
One of the new claim groups is known as the GOBI Property being comprised of 351 claims which are held subject to a 2% Royalty in favor of the initial staker, and to an Option Agreement by AngloGold US. Inc., who may earn up to a 60% interest.
The GOBI Property adjoins the western boundary of the Teck-Cominco-Sumitomo POGO Deposit, where approximately 5.6 Million ounces of gold have been delineated and mine start-up operations are underway. A new mining road constructed by Teck-Cominco-Sumitomo for access to their POGO Deposit cuts across a portion of the GOBI Property, which has significantly improved the GOBI and Mohave Property's access and economic potential.
The Mohave Property mineral claims are held 100% without royalty, are comprised of 76 claims, immediately south of the Company's GOBI Property and southwest of the Teck-Cominco-Sumitomo POGO Deposit.
On behalf of the Board of Directors, Wayne Waters