Dec 26 2010
First Gold Exploration Inc. (TSX VENTURE:EFG)(FRANKFURT:F12)(OTCQX:FGEXF) and Blue Note Mining Inc. (TSX.V: BNT) report that they have agreed to extend the term of the binding agreement announced on July 19, 2010 providing for the acquisition by Blue Note of all of First Gold's interests in the Croinor gold project located near Val-d'Or, Quebec.
Under the terms of the Agreement, Blue Note has already made cash payments totaling $100,000 to First Gold and, in consideration of an additional payment of $25,000, Blue Note now has until March 31, 2011 to make a final payment of $2,250,000 to complete the transaction. In addition, Blue Note shall issue 17.5 million common shares to be held in escrow, for release at a rate of 500,000 shares per month over 35 months from the date of closing. The transaction includes First Gold's 71% ownership in the Matchi-Manitou property.
Source: First Gold Exploration Inc.