Kapuskasing Gold Corp. is pleased to announce that initial prospecting and outcrop sampling programs at its Golden Route and Chapleau West properties is to begin immediately and will be carried out by Mike Tremblay, the Company's chief advisor. Funding for each has been received from the Ontario Exploration Corporation.
Dean Nawata, president of the Company states, "We are pleased to begin work on two more of our properties this year while at the same time continuing at Rollo and Borden North. The Company has designed its work programs to overlap in order to advance each of our six properties in the Borden Lake area in the most effective and cost efficient manner possible".
Kapuskasing Gold acquired the Golden Route and Chapleau West properties (along with the Company's other four claim sets) after reviewing all available public geological data and extensive consultation with the KAP Advisory Board. Since the discovery of Goldcorp's Borden Gold project, it was determined that these properties are highly prospective for similar gold mineralization. As capital markets allow, KAP will scale up its exploration plans over the many prospective geological features within its 6 large claim groups.
The terms of the funding from the OEC are $10,000 per applicant for a 0.5% royalty (NSR) per property. Second funding of $25,000 for an additional 0.25% royalty and third project funding of $50,000 for an additional 0.25% royalty for continuing exploration projects are available. A royalty buyback clause has been defined in a purchase agreement.