New Dimension Resources Ltd. (TSXV: NDR) (the "Company" or "New Dimension") announces that the Company and ALX Uranium Corp. ("ALX Uranium") formerly Lakeland Resources Ltd. has signed an amendment (the "Amended Agreement") to the Midas Gold Letter Agreement, under which New Dimension may earn a 70% interest in the Midas gold property located in the Sault Ste. Marie Mining Division of north central Ontario (see NDR press release dated September 16, 2013).
The Amended Agreement, subject to TSX Venture Exchange Approval, includes the following:
- New Dimension's cumulative work expenditures of CAD $700,000 and CAD $1.2 million have been extended to on or before December 31, 2017 and December 31, 2018, respectively;
- Issuance of 71,428 additional shares in the capital of New Dimension to ALX Uranium on or before December 31, 2015 has been increased to 100,000 shares; and
- Cash payment of CAD $100,000 to ALX Uranium has been extended to on or before December 31, 2017.
About the Midas Project
The Midas gold project consists of 10 staked mining claims (108 claim units), which covers approximately 1,800 hectares and is situated approximately 50 kilometres northeast of the town of Wawa in northern Ontario. The Property is road accessible and is located approximately 20 kilometres southeast of Richmont Mines' Island Gold Mine complex and Argonaut Gold's Magino Gold Project. In 2013, drilling by New Dimension at Midas confirmed and further defined gold mineralization that was previously identified in a 2011 drill program. Results of the program indicate that mineralization is hosted within quartz stockwork veining developed along east-west trending strongly pyritized shear zones. AlX Uranium holds the Property under option from local prospectors and can earn 100% interest subject to a 2% NSR, a portion of which can be purchased.
About New Dimension Resources Ltd.
New Dimension is engaged in the acquisition, exploration and development of quality mineral resource properties throughout the Americas with a focus on potential bulk tonnage gold and silver deposits. The Company is currently focused on its mineral projects in Canada with a priority directed toward the Midas gold property, located in north central Ontario. New Dimension also continues to aggressively review acquisition opportunities in the Americas that meet its exploration criteria.
NEW DIMENSION RESOURCES LTD.
"Fred G. Hewett"
Fred G. Hewett, P.Eng.
President & CEO
** INTERNET ADDRESS: www.newdimensionresources.com ** Email: firstname.lastname@example.org
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release may contain forward looking statements which are not historical facts, such as statements of belief of similarity of geological characteristics or features, statements of unverified drilling and sampling results and expectations of receipt of permits and plans for future work. Forward looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to, unexpected geological factors, exploration results, results of verification work and unanticipated regulatory obstacles. See New Dimension's filings for a more detailed discussion of factors that may impact expected results.
This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.