Next Gen Metals Inc. Terminates Destiny Gold Project Option Agreement
Jun 27, 2012
OTC Disclosure News Service
Vancouver, BC, Canada –
June 27, 2012, Vancouver, Canada; Next Gen Metals Inc. (“Next Gen”) TSX.V: N has elected to terminate its option Agreement with Pacific North West Capital Corp. (“PFN”) on the Destiny Gold Project in Val d’Or, Quebec. The Destiny Gold Project is located 75 km north of Val d,Or, Quebec, and was held under option from PFN. Next Gen Metal Inc. decided it would be in the best interest of the company to not pursue additional exploration on this property in order to focus its efforts on an aggressive acquisition program and exploration of its other existing properties.
The 2012 drill program was designed to test the 1 km long area between the DAC Deposit and the Darla Zone at shallow depths and consisted of 3,472 m in eighteen holes. The objective of the drill program was to increase the contained ounces on the Destiny Property at shallow depths. The presence of gold mineralization between DAC deposit and Darla Zone was confirmed by the 2012 drill program but the results did not meet the Company’s expectations.
Advancing the project would require extensive infill and exploration drilling, which Management believes is not in the Company’s best interest at this time.
On behalf of the Management of Next Gen Metals, I want to thank Alto Ventures Ltd. (“Alto”) (TSX.V: ATV) and Pacific North West Capital Corp. (“PFN”) for their time and efforts during the option agreement. Alto Ventures and PFN have been excellent partners and we are pleased to have worked with them on the Destiny Gold Project.
Qualified Person Statement
This news release has been reviewed and approved for technical content by Ali Hassanalizadeh M.Sc. P.Geo, MBA a qualified Person under the provisions of National Instrument 43‐101.
About Next Gen Metals Inc.
Next Gen, http://www.nextgenmetalsinc.com, is a mineral exploration company whose current focus is on silver, gold and base metals projects in North America.
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Next Gen Metals Inc.
On behalf of the Board of Directors
Next Gen Metals Inc.
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