(MENAFN- Baystreet.ca) A Kelowna, B.C. junior miner is going the handshake route to improve its fortunes.
A news release issued Monday told the investing world that Rockwealth Resources Corp. (TSX-Venture:RWR) has entered into what it calls an exclusivity agreement with privately-owned, Vancouver-headquartereed Realgold Resources Corp.
The crux of the deal is that RWR will have till mid-October to conduct due diligence on Realgold, with a view to negotiating the terms of a letter of intent and, if applicable, a definitive agreement to buy up the latter altogether.
What makes Realgold special is that it has assembled an extensive land portfolio in the Kyrgyz Republic that includes 16 projects in 28 licenses covering 274,124 ha within the highly prolific Tien Shan gold belt.
Recent exploration successes on Realgold's properties include one particular drill hole discovery of high-grade gold mineralization at Uluktau including 21 metres @ 33.7 g/t Au from surface.
RWR also says it intends to complete a non-brokered private placement of up to 5,000,000 common shares at a price of $0.20 per Share for gross proceeds of up to $1,000,000, all subject to a four-month hold period.
Shares in Rockwealth rocked their way up 5.5 cents, or 28.2%, by noon ET on Monday to 25 cents, on volume of 227,000
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