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TICKERS: NRG; NRGOF

Canadian Explorer Options Gold Property in Red Lake District
News Update

Source:

For full ownership, the earn-in period is two years.

Newrange Gold Corp. (NRG:TSX.V; NRGOF:OTC) announced in a news release it entered an agreement to earn in 100% of AurCrest Gold's Western Fold property in Ontario's Red Lake District.

"We see the Western Fold property option as a low cost and potentially high reward opportunity for the company while we continue to advance our flagship Pamlico project," Newrange CEO Robert Archer said in the release.

For Western Fold, Newrange will pay a total of $200,000 and issue 1 million common shares, both in tranches, over a two-year period. AurCrest will retain a 2% net smelter return royalty, but Newrange may purchase half of it for $1 million.

The Western Fold prospect, 12 kilometers northwest of the Springpole gold deposit, is considered to be highly prospective for gold mineralization, but it has not been explored through drilling. The property features a magnetic signature indicative of a "strongly folded iron formation" similar to that hosting the Musselwhite gold nine in Northwestern Ontario, the release noted.

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Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
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