January 22, 2009
ATW Gold Corp, (ATW: TSX-V) (Frankfurt: A3N), (“ATW” or the “Company”), is pleased to report that the Company and its subsidiary, ATW Gold Corp Australia Pty Ltd. (collectively, "ATW") have entered into a deed of variation (the "Amending Agreement") with Batavia Mining Limited and South Murchison Mines Pty Ltd. (collectively, "Batavia") to amend ATW's payments on the acquisition of the Gullewa Gold Project.
The original purchase agreement (the "Agreement") entered into by ATW and Batavia on April 18, 2008 called for ATW to make a number of payments, including AUD$3,000,000 on July 31, 2009 and AUD$3,000,000 on July 31, 2010.
The Amending Agreement calls for ATW:
1. In lieu of paying AUD$3,000,000 on July 31, 2009, to pay AUD$1,500,000 on July 31, 2009 and AUD$1,500,000 on Jan. 31, 2010 (together with 8% interest on the AUD$1,500,000 paid on Jan. 31, 2010); and
2. In lieu of paying AUD$3,000,000 on July 31, 2010, to pay AUD$1,500,000 on July 31, 2010 and AUD$1,500,000 on Jan. 31, 2001 (together with 8% on the AUD$1,500,000 paid on Jan. 31, 2010.
In all other material ways, the Agreement remains in place and of full force and effect.
Brent Butler, CEO & President commented, “Amending the payment terms with Batavia will allow us to better manage our cash flow as we look to advance both Burnakura and Gullewa in 2009. Production at Burnakura is scheduled to commence on March 1, 2009 and we are greatly encouraged by the recent appreciation in the Australian price of gold to over $1,300 oz AUD."
To find out more about ATW Gold Corp., please contact Luke Norman 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
“The TSX Venture Exchange does not accept 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.” |
