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TICKERS: NXS; NXXGF

Newfoundland Gold Project Optioned by Developer
News Update

Source:

Nexus Gold announced the agreement for its newly acquired asset.

In a news release, Nexus Gold Corp. (NXS:TSX.V; NXXGF:OTCQB) announced it entered an agreement to option its Dorset gold project in Newfoundland to Leocor Ventures for $2.75 million in cash and expenditures.

Per the definitive agreement, Leocor, a Vancouver-based minerals explorer, will be able to acquire up to a 100% interest in Nexus' newly acquired Dorset project after it makes to Nexus a series of payments totaling $1.25 million over four years and incurs expenses on the project of at least $1.5 million over five years, both according to a set schedule.

Also, Leocor will assume responsibility for a 2% net smelter returns royalty on the Dorset, which United Gold and Margaret Duffitt currently hold.

Leocor is required to make the first payment, of $100,000, to Nexus Gold upon approval of the option agreement by the Toronto Stock Exchange.

Dorset consists of a series of mineral claims over 275 hectares south of Newfoundland's Pine Cove gold mine.

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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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