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Dateline Resources sets eyes on Colorado gold assets

Proactive Investors Wednesday, 19 October 2016 ()
The Gold Links Mine comprises 34 patented and 20 unpatented mining claims in Gunnison County, Colorado covering 242 hectares. Gold Links Mine forms part of the Gold Creek district where two separate vein systems have been historically mined - Sacramento and the 2150. The 2150 vein system was mined from 1908 to 1912 returning US$515,867 when gold was US$20 per ounce. At present, a small 50 tonnes per day plant is available to treat ore from the Gold Links Mine. The plant is proposed to be expanded to 100 tonnes per day to enable the treatment of remnant broken ore from several accessible areas within the Gold Links Mine. This will provide an early cash-flow while a more strategic exploration program is undertaken. The consideration for the transaction is as follows: - A finder’s fee of $250,000 to Southern and the grant of 25 million options at a strike price of $0.04 and Dateline reimbursing Southern's costs; - The issue of Dateline shares at $0.01 per share to Southern to satisfy repayment of $400,000 owed to Southern by Dateline; and - The placement of 100,000,000 shares in Dateline at $0.01 per share to Southern for the $1,000,000 consideration. To complete the transaction, US$200,000 is to be paid to the vendors who own the mine and mill. After the acquisition, additional milestone payments of US$3 million in two years, and a further US$7 million four years after this period, will be payable to the vendors. The transaction is subject to shareholder approval.
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