Atwgold's Blog

Focus on strategic alternatives …

Posted in Uncategorized by atwgold on June 10, 2010


Its been a horrific ride for mightily fleeced public types but Burnakura is an ATW Gold memory now and that is irrespective of the many, many millions of dollars that have gone up in smoke.



ATW Gold sells Burnakura gold property to Jinka
2010-06-10 09:18 ET – News Release
Mr. Brent Butler reports


ATW COMPLETES SALE OF BURNAKURA ASSETS FOR AUD$5,000,000

ATW Gold Corp. has completed the sale of its Burnakura gold project to Jinka Minerals Ltd., an Australian company.

A total of $5-million (Australian) was paid for the Burnakura project: a closing payment of $4,253,000 (Australian) (of which a $212,650 (Australian) deposit has already been received) and a payment by Jinka of $747,000 (Australian) to the Department of Mines in Western Australia, which payment will result in the return of $747,000 (Australian) of environmental bond funds to ATW’s Australian subsidiary.

The required Australian regulatory approvals have been received.

Concurrent with closing the sale of its Burnakura project, the company also settled its outstanding liability of $2-million (Australian) with RUC Cementation Mining Contractors Pty. Ltd. (formerly RUC Mining Contractors Pty. Ltd.). The settlement was first disclosed in Stockwatch on April 12, 2010.

Under the terms of the settlement, the company paid RUC a total of $1.5-million (Australian) andd issued to RUC a total of two million common shares at a deemed price of 25 Australian cents per share. The shares were issued on June 1, 2010, and are subject to a four-month hold period under the policies of the TSX Venture Exchange.

The terms of the settlement also called for the parties to execute full and final mutual releases. The releases have been signed.

The sale of the Burnakura project has allowed the company to retire all current liabilities relating to Burnakura with excess financing to be applied toward working capital. The company continues to consider all options as they relate to its Gullewa copper-gold project.

Brent Butler, chief executive officer and president, commented: “The sale of Burnakura will allow ATW to focus on strategic alternatives as they relate to Gullewa. Given the continued strength in the underlying commodity prices, ATW is considering all alternatives, including advancing the project ourselves, the sale, spinout or joint venture of the company’s Gullewa copper-gold project.”

May 31/10 May 03/10 Harris, Graham Common Shares 10 – Disposition -100,000 $0.130
May 17/10 May 12/10 Bowering, Andrew William Common Shares 10 – Disposition -121,000 $0.110
May 17/10 May 13/10 Bowering, Andrew William Common Shares 10 – Disposition -79,000 $0.106
May 03/10 Apr 26/10 Harris, Graham Common Shares 10 – Disposition -50,000 $0.140
May 03/10 Apr 26/10 Harris, Graham Common Shares 10 – Disposition -34,000 $0.140
May 03/10 Apr 26/10 Harris, Graham Common Shares 10 – Disposition -16,000 $0.145
Apr 19/10 Apr 12/10 Bowering, Andrew William Common Shares 10 – Disposition -197,500 $0.140
Apr 19/10 Apr 12/10 Bowering, Andrew William Common Shares 10 – Disposition -9,000 $0.140
Apr 19/10 Apr 13/10 Bowering, Andrew William Common Shares 10 – Disposition -13,500 $0.140
Apr 19/10 Apr 07/10 Bowering, Andrew William Common Shares 10 – Disposition -114,000 $0.146

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