Golden Valley Mines (TSX-V:GZZ; OTC Other: GLVMF) announced today that it has entered into an option agreement with Golden Cariboo Resources Ltd. in respect of a portfolio consisting of twelve (12) properties located in the Abitibi Greenstone Belt.
Golden Valley has granted an option to Golden Cariboo to acquire a 70% interest in certain properties held as to a 100% interest by Golden Valley and located in the Abitibi Greenstone Belt of northwestern Quebec and northeastern Ontario (the “GZZ Properties”). Concurrently, and subject to net smelter return royalty interests and advance royalty interests in favour of the original vendors (one of which is a director and officer of the Company), Golden Valley and Integra Gold Corp. (“Integra”) have granted an option to Golden Cariboo to acquire a 70% interest in certain properties located in the Abitibi Greenstone Belt of northwestern Quebec (the “GZZ-I Option”); these properties are held as to a 70% interest by Golden Valley and as to a 30% interest by Integra pursuant to a joint venture agreement between Integra and Golden Valley (the “GZZ-I Properties”). The GZZ Option and the GZZ-I Option are together referred to herein as “the Option”. Golden Valley will be operator during the option phase.
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