SECOVA METALS MAKES STRATEGIC INVESTMENT AT WINDFALL LAKE
Secova Metals Corp. (SEK.V) has acquired 1084409 B.C. Ltd., a private B.C. company which sole asset is the Eagle River project that consists of 77 claims or 4,354 contiguous hectares in the Windfall Lake gold district, Quebec.
The Eagle River project is located south of Osisko Mining's Windfall Lake project and is adjacent to Bonterra Resources Inc.'s Gladiator project in the Urban-Berry area of Quebec. The management of Secova is intimately familiar with the structure of the Windfall Lake project as it developed the mineralization model. The mineralization structure continues to the south and has been shown to strengthen as it hits Bonterra's Gladiator project. Secova's newly acquired claims lie directly to the south of these recent discoveries.
"Secova has taken advantage of this rare acquisition opportunity to acquire the Eagle River claims that lie directly in the path of the known gold mineralization at the Windfall Lake camp," stated Brad Kitchen, chief executive officer and chairman of Secova Metals Corp. "This is a strategic investment that will not divert funds from its exploration of the Duvay/Chenier claims but will add additional value for our shareholders as the Windfall Lake area develops."
The acquisition is an arm's-length transaction in which the company will issue five million common shares by way of a share exchange agreement. In connection with the transaction, the company will issue a finder's fee of 500,000 common shares.
The issuance of the acquisition and the finder's fee of common shares are subject to TSX Venture Exchange approval. Once issued, the finder's shares will be subject to a fourth-month-and-one-day hold period.