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Taku, Independence sign option agreement over Rosebute gold property


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Taku, Independence sign option agreement over Rosebute gold property

Taku GoldCorp. said July 6 that it has signed an allowing to earnas much as 100% interest in the Rosebute gold property in the White Gold District ofCanada's Yukon Territory.

The said property comprises 694 contiguous claims in an areaof 14,387 hectares and contains the Norwest and Hudbay zones, which are bothnew significant discoveries.

Pursuant to the agreement, Independence may acquire 75%interest in the property by making staged payments totaling C$295,000, withC$60,000 to be paid upon closing the deal. Independence will also issue anaggregate of 1,000,000 shares, of which 200,000 will be due upon closing, andmake work commitments of a total of C$2 million over a three year period withC$300,000 coming within the first year.

Once Independence completes the acquisition of a 75%interest, Taku will have the right to participate as a 25% interest jointventure partner or sell the remaining interests to Independence for C$500,000and 1,000,000 shares.

If Taku sells the remaining shares, it will retain a 1% netsmelter royalty on the property. Independence will have the right to purchasehalf of the NSR for C$500,000.

The property is also subject to a 2% underlying royalty,with a retained right to buyback 1% for C$2 million.