Kootenay Gold Inc. Amends Warrant Exercise Price and Expiry Date; Options Copely Property
June 14, 2010
KOOTENAY GOLD INC. AMENDS WARRANT EXERCISE PRICE AND EXPIRY DATE; OPTIONS COPELY PROPERTY
Vancouver, B.C. - Kootenay Gold Inc. TSX.V: KTN (“Kootenay”) announces that it has, subject to TSX Venture Exchange (“TSX-V”) approval, amended the exercise price and expiry date of 2,824,000 unexercised share purchase warrants issued on June 18, 2008 pursuant to the brokered unit private placement announced on June 18, 2008.
Subject to TSX-V approval, the original expiry date of the warrants will be extended for an additional eighteen months to December 18, 2011, with the exercise price per warrant being $1.15. The expiry date of the warrants will be accelerated to 30 business days following the date on which Kootenay gives notice to the holders of the warrants that its common shares have closed for 10 consecutive trading days at a price of $1.38 or greater. In all other respects, the terms of the warrants will remain unchanged and in full force and effect.
Kootenay Acquires Option on Copely Property
Kootenay announces that they have entered into a option to acquire a 100% undivided interest in the Copely Property, located in British Columbia which covers 2,926 hectares in 10 claims.
Under the terms of the agreement, Kootenay will pay the holder Fred Critchlow Contracting Ltd.
$5,000 on signing the agreement and issue an aggregate total of 130,000 common shares, over six years with 10,000 issuable on approval from the TSX Venture. Additionally, a drilling bonus of $5 per metre drilled up to 100,000 metres at the Copely Property will be paid to the holder.
About Kootenay
Kootenay is an emerging exploration Company actively developing several mineral projects in the Sierra Madre Region of Mexico and in British Columbia, Canada. Numerous joint-venture partnerships maximize the potential for new discoveries. The Company's top priority remains the ongoing development of its Promontorio Silver project in Sonora State, northwest Mexico, which encompasses the former producing Promontorio Silver Mine.
For additional information, please contact:
James McDonald, CEO and President at 403-238-6986 or Ken Berry, Chairman at 604-601-5652; 1-888-601-5650 www.kootenaygold.ca
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. 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. 2010 number 13