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Pistol Bay terminates option on Pakwash South gold property in Ontario

Pistol Bay Mining Inc. will not proceed with its 100% option on the gold-prospective Pakwash South property in Ontario, and will instead focus on its Pakwash North and Pakwash East properties.

The company was required to pay C$82,500 in cash and issue 3.0 million shares over three years to acquire the 2,130-hectare property.

The Pakwash East block covers about 716 hectares, while the Pakwash North block covers 2,174 hectares. Both properties are southeast of Great Bear Resources Ltd.'s Dixie Lake gold property.