On receiving the new NI 43-101 report from Micon, CNRP has agreed to purchase 100% of the Elmtree Gold project – 60% from Castle Resources and 40% from Stratabound Minerals Corp.
This transaction is simultaneous to the reverse take-over that the Canada based Gorilla Resources and CNRP have agreed to prior to the report.
New Burnswick based Elmtree Gold has three gold-bearing zones in its purview, and CNRP has filed a copy of the new NI 43-101 technical report with the Canadian Securities Administrators detailing the increased gold reserves.
According to the report Elmtree holds 209,000 ounces of gold in the West Gabbaro Zone, 56,000 ounces of gold in the South Gold Zone and 29,000 ounces of gold in the Discovery Zone.
Shareholders will meet on 21 June 2012 to approve the RTO and discuss related matters.
