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News Update


Gold Developer Acquires Two New Mineral Claims Near Its Ontario Gold Project
News Update

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Nexus Gold agreed to purchase two additional mineral claims adjacent to its McKenzie Gold project in Red Lake, Ontario.

Gold development company Nexus Gold Corp. (NXS:TSX.V; NXXGF:OTCQB) reported in a news release, that it has entered into an arms-length agreement with Shane Stares to acquire two additional mineral claims located in Red Lake, Ontario.

The firm indicated that the additional claims are both located in the immediate vicinity of its 100%-owned McKenzie Gold project and that the purchase will serve to expand the company's existing land package in the region. The new claim blocks will add 50 hectares to the western section of the McKenzie Island area bringing the total land package of the McKenzie Gold project up to about 1,400 hectares.

The company stated that it will issue 400,000 common shares and make a one-time cash payment of $4,000 to the seller in exchange for the two claims. The seller will also receive a 1% net smelter returns royalty on commercial production from the two transferred claims. The firm advised that the newly issued securities are subject to a statutory holding period of four months plus one day and that the acquisition remains subject to the approval of the TSX Venture Exchange.

Nexus Gold's President and CEO Alex Klenman commented, "We are happy to add ground to the McKenzie project, particularly on the island...Some of the more robust historical assays were obtained on McKenzie Island. By adding significantly to our island land position, we feel we've added value to the project prospectivity. We will look to implement a prospecting and sampling program on the new ground in the next couple of months."

The company indicated that the phase one diamond drill program at the McKenzie Gold project is scheduled to begin in a few weeks and added that drilling will commence when the drill rig and crew from contractor Chibougamau Diamond Drilling Ltd. finish their work on another nearby project. Nexus advised that it will issue a news release with an updated timeline when a start date is firmed up and the drill equipment and crew are mobilized.

The firm stated that the initial phase one drill program will consist of a minimum of 1,000 meters of diamond drilling to test the mineralization potential of several gold targets occurring within a corridor along the southern contact of the Dome Stock with felsic Volcanics of the Balmer Assemblage.

Nexus Gold is a gold development company based in Vancouver that has 11 exploration projects in Canada and West Africa.


1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. Within the last six months, an affiliate of Streetwise Reports has disseminated information about the private placement of the following companies mentioned in this article: Nexus Gold
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5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Nexus Gold, a company mentioned in this article.

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