Exciting news has recently been announced for PNGM. They announced earlier this week that an agreement to acquire an option to earn up to an 85% interest in four mineral concessions located in the Lobongan District of Northern Sulawesi, Indonesia (the "Manado Gold Property"). The terms to this agreement state that Manado Gold Property will pay $35,000 to the owner of the Manado Gold Property (the "Owner") for the exclusive right for 90 days to formalize an agreement (the "Acquisition Agreement") to earn up to an 85% undivided interest in the Manado Gold Property.
After the 90 days comes to an end, Manado Gold Property may elect to exercise its options to enter into the Acquisition Agreement and will have 30 days to finalize the formal Acquisition Agreement.
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About the Manado Gold Property
The Manado Gold Property is located in Northern Sulawesi, Indonesia and is comprised of four mineral concessions totaling 300 hectares. The Manado Gold Property is three kilometers east of the Mesel, a past producing gold deposit from 1996 to 2002. The previous owners of the Manado Gold Property conducted a substantial exploration drilling program on the property. From 1989 to 1999, the exploration drilling program consisted of 115 diamond drill holes and 19 reverse circulation holes for a total of 6,547 meters. These drilling programs identified three main target zones that contain anomalous values of gold mineralization.
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