January 31, 2017 New Nadina amends LOI with Golden Dawn
January 31, 2017 GREENWOOD, BRITISH COLUMBIA New Nadina Explorations Limited (TSXV:NNA) amends the October 18, 2016 Agreement with Golden Dawn Minerals Inc. (Golden Dawn) to purchase Kettle River Resources Ltd., owner of Greenwood Area Properties “GAP” from New Nadina.
The Company has received a bonus of $20,000 to amend the “Closing description” on the original Oct 17, 2016 LOI agreement. The previous closing date of January 31, 2017 has been extended to February 28, 2017 where a cash payment of $905,000 CDN will complete the sale. Immediately upon receipt of TSXV approval, Golden Dawn will issue 2,222,250 of their common shares having a deemed aggregate value of $600,000 CDN to New Nadina.
New Nadina welcomes the expertise and commitment of Golden Dawn in resurrecting mining and exploration in the historical Greenwood Mining District. The old adage of ‘you have to be on the ground to find it’ with the best prospects being ‘in the shadow of the headframe’ will be tested. This area is untested considering new exploration techniques. Golden Dawn’s acquisition of the mill in close proximity to the Phoenix and GAP can accommodate processing of smaller deposits discovered since the Phoenix Mine closure. New Nadina retains an NSR in anticipation of future returns.
Non Greenwood Area Properties and assets are being retained by New Nadina: DHK Diamonds Inc. shares and the Saskatchewan Quarry. New Nadina will maintain its office in Greenwood.
New Nadina is now able to focus mainly on its prospective 100% owned Silver Queen property, in north central British Columbia, where high grade silver was intercepted (NR Dec 23 2015). A September 2017 drill program will extend and test both sides of the vein intercept. Application was made to SRB (Surface Rights Board) to provide conditions and terms of access. The SRB hearing is scheduled March 6, 2017 to allow adequate lead time for drill program preparation.
At the Monument diamond property in the NWT, application to extend the permit (LUP) expiry (Sept 2017) has been initiated. There are untested anomalies for kimberlites and a review of this diamond environment and area potential suggests upcoming exploration is warranted.
President and Chief Executive Officer
For further information please visit the website at www.nadina.com
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