April 12, 2010
ATW Gold Corp (TSX-V: ATW) (the “Company”) (“ATW”) is pleased to announce that further to its news release of April 1, 2010, the Company has received the non-refundable deposit of AUD$212,650 AUD (the “deposit”) from Jinka Minerals Ltd (“Jinka”) as per the Letter of Intent (“LOI”) for the sale consideration of AUD$4,253,000 for the acquisition of the Burnakura Mine Project.
The Company further announces that it has entered into a shares for debt settlement (the "Settlement") with RUC Mining Contractors Pty Ltd. ("RUC").
The Company, prior to the Settlement, owed RUC a total of AUD$2,000,000 (the "Debt") which was due to be paid on June 30, 2010. The Debt was incurred by the Company's Australian subsidiary in connection with RUC's maintenance services contract for the Burnakura Mine Project and the mill associated with it.
Under the terms of the Settlement, the Company is to pay RUC a total of AUD$1,500,000 and issue to RUC a total of 2,000,000 common shares at a deemed price of AUD$0.25 per share.
The payment of AUD$1,500,000 and the issuance of the 2,000,000 common shares is due to occur upon the Company selling its Burnakura Mine Project.
The Settlement is subject to the approval of the TSX-Venture Exchange.
The LOI and the sale of the Burnakura Project therein is conditional upon receipt of any required Australian regulatory approval, the receipt by the Company of any required Canadian approvals (including the approval of the TSX-Venture Exchange, if required), Jinka completing due diligence to its satisfaction, the Company and Jinka agreeing to the list of plant and equipment included in the sale and the execution of a definitive agreement (the “Definitive Agreement”) on or before May 31, 2010.
To find out more about ATW Gold Corp. please contact investor relations at 604-662-8184 or email investor@atwgold.com. You may also visit our website at www.atwgold.com.
ATW Gold Corp.
“Brent Butler”
Brent Butler
President & CEO
“Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”
“This news release may contain forward–looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.” |
