Pacton Gold Inc. (TSXV: PAC,OTC: PACXF) (the "Company" or "Pacton") is pleased to announce that it has entered into an acquisition agreement with Frontline Gold Corporation (TSXV: FGC) to acquire additional mineral claims in the Red Lake District, Ontario (the "Property").
The Property is comprised of 88 mineral claims totaling 1,760 Ha.
Under the terms of the agreement, Pacton will purchase 100% of the Property by issuing 192,310 common shares on receipt of TSX Venture Exchange acceptance to the transaction. The Property is subject to net smelter return royalties totaling 2.25%. The Company has the option to buy back a portion of the royalties for $250,000.
The transaction is subject to the acceptance of the TSX Venture Exchange.
Source: Company Press Release