Conquest Closes Transactions With Detour Gold on Properties Adjacent to Detour Lake Gold Project

Conquest Resources Limited (TSXV:CQR) announced that it has closed previously announced transactions with Detour Gold Corporation and with NVI Mining Ltd., an indirect wholly-owned subsidiary of Breakwater Resources Ltd.

The press release is quoted as saying:

Pursuant to these transactions Conquest has acquired from NVI the remaining 40% interest that it did not already own in the Aurora and Sunday Lake properties, together with NVI’s 2% net smelter royalty interest in such properties, for $1.0 million which was satisfied through the payment by Conquest of $500,000 in cash and the issuance to NVI (Breakwater) of 3,125,000 shares of Conquest; and sold to Detour Gold a 100% interest in the Aurora Property for $2.0 million in cash and 100,000 shares of Detour Gold and has granted Detour Gold an option to acquire a 50% joint venture interest in Sunday Lake Property by incurring $1.0 million in exploration expenditures on the Sunday Lake Property over the next two years with a minimum of $500,000 prior to September 30, 2011.

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