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Granite Creek Gold amends option deal over Bankole property


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Granite Creek Gold amends option deal over Bankole property

Granite CreekGold Ltd. and Societe Miniere de Guinee SA have agreed on anamended option agreement over the Bankole gold property in Guinea, reflecting a largeroptioned property and an increased consideration for the deal, Granite Creeksaid in a July 6 statement.

Under the revised agreement, Granite Creek will have theoption to acquire four property blocks totaling 219 square kilometers by payingUS$4,380 and issuing 500,000 shares in five tranches, with the first 50,000shares to be issued upon securing TSX Venture Exchange approval.

The amendments also include the granting of a 1% net smelterroyalty to the vendors, half which may be repurchased for US$1 million.

The initial agreement, signed in June, covered a smaller 34-square-kilometerproperty and consideration of 250,000 shares.