Oct 20 2010
Paget Minerals Corp. (TSX VENTURE:PGS) today announced that it has made an initial (seed) equity investment in Trident Gold Corporation, a private Colombian gold exploration company.
Trident has established operating management and technical teams in Colombia and has a diversified board of directors with the 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 an asset providing near-term production potential, are under due diligence examination for acquisition.
Paget currently holds 6% of fully-diluted Trident stock and the investment provides for an increasing percentage equity ownership in future financings as well as an avenue for direct investments in individual projects. Paget also retains one board seat.
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 investment in Trident provides exposure to the discovery potential in Colombia and a strategic expansion and diversification to the portfolio of B.C. properties, including the Chist Creek precious-metal enriched VMS discovery, the Mt. Dunn porphyry project and the Cabin epithermal gold-silver project all announced within the last three weeks."
Source: Paget Minerals Corp.