Jan 21 2011
Paget Minerals Corp. (TSX VENTURE:PGS), today announced that it has increased its equity investment in Trident Gold Corporation, a private company engaged in Colombian gold exploration.
With this additional investment of US $500,000, Paget now holds 8.12% of fully-diluted Trident stock. The terms of the agreement provide Paget an opportunity to participate in future projects that Trident chooses to joint venture, option or vend. Paget retains one board seat, occupied by David Volkert.
Trident has established operating management and technical teams in Colombia and has a diversified board of directors with proven ability to secure, explore and develop gold deposits. Over 50,000 hectares of mineral claims in the prolific Segovia-Remedios mineral belt, near Frontino Gold Mines (Medoro Resources) and the Amalfi and Anori districts are held by Trident under joint venture option agreements where Trident holds a minimum 80% JV interest. Property evaluations of ground under option are on-going and additional properties, including two assets providing immediate drill target potential, are under due diligence examination for acquisition.
Colombia is recognized as one of the most prospective, yet under-explored countries in the world, and has emerged as an extremely attractive jurisdiction for gold exploration with senior and junior explorers realizing recent significant successes, including: Anglo Gold Ashanti (La Colosa – 11.3M ozs gold) and Ventana Gold (La Bodega – high-grade gold intersections announced).
David Volkert, President & CEO stated, "Paget's continued investment in Trident provides exposure to the discovery potential in Colombia and a strategic expansion and diversification to the portfolio of B.C. properties, which includes the Chist Creek precious-metal enriched VMS discovery."
Source: Paget Minerals Corp.