September 26, 2013 - Cougar Minerals Corp. - TSX-V: COU ("Cougar" or the "Company") is pleased to announce that it has entered into a purchase and sale agreement (the "Purchase Agreement") with San Gold Corporation ("San Gold") providing for the purchase by San Gold of a 100% interest in 18 mineral claims (the "Mineral Claims") representing approximately 2,885 hectares of land in the Rice Lake gold belt. San Gold will pay Cougar a total consideration of 400,000 shares of San Gold and $125,000 cash.
San Gold and Cougar are parties to an option agreement dated June 14, 2011 (the "Option Agreement") pursuant to which San Gold holds an option to acquire 80% of the Mineral Claims in consideration for certain exploration expenditures on the Mineral Claims and the purchase of certain securities of Cougar. Pursuant to the Option Agreement, San Gold would have been required to spend an aggregate of $1.5 million in exploration expenditures over a four year period to earn its 80% interest in the Mineral Claims as well as purchase $600,000 of securities of the Company. The Purchase Agreement will replace the Option Agreement and upon closing of the acquisition of the Mineral Claims by San Gold, the Option Agreement will terminate and be of no further force or effect.
The sale of the Mineral Claims is subject to certain closing conditions including all requisite regulatory approvals, including the approval of the TSX Venture Exchange in the case of Cougar and the Toronto Stock Exchange in the case of San Gold. It is anticipated that the closing of the sale of the Mineral Claims will take place next week.
COUGAR MINERALS CORPORATION
For more information, please contact:
Cougar Minerals Corporation
Murray Nye, President/CEO
s/ "Murray Nye "
The TSX Venture Exchange, nor its Regulation Services Providers (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied in the forward-looking information.
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