VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/31/12 -- Spanish Mountain Gold Ltd. ("the Company") (TSX VENTURE: SPA) is pleased to announce that it has entered into a Mineral Claims Purchase Agreement (the "Agreement") to acquire certain mineral claims (the "Property") from Acrex Ventures Ltd. (the "Vendor"). The Property covers an area of approximately 1,500 hectares and is located adjacent to the Company's Spanish Mountain Gold Project located in central British Columbia, Canada.
Under the terms of the Agreement, on closing the Company will (i) pay $500,000 cash, (ii) issue 1,500,000 common shares of the Company, (iii) either pay an additional $250,000 cash, or, at the Company's election, issue a further 500,000 common shares of the Company, and (iv) grant a royalty and assume a third-party royalty with the result that the Property shall be subject to a 4% net smelter return royalty ("NSR"). The Company may reduce the NSR to 2.0% by paying $2,000,000 at any time after commencement of commercial production.
Closing is subject to customary closing conditions, including any approvals required by the parties from the TSX Venture Exchange.
About Spanish Mountain Gold
Spanish Mountain Gold Ltd. is focused on the responsible development of its flagship Spanish Mountain gold project in southern central British Columbia, Canada. The Company has a strong cash position with no debt and owns 100% of four gold properties located in British Columbia. Additional information about the Company is available on its website: www.spanishmountaingold.com
On Behalf of the Board,
SPANISH MOUNTAIN GOLD LTD.
Brian Groves, President and CEO
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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