Searchlight Assigns Flin Flon North Project to Canadian Gold Corp.

Company Overview - Searchlight Resources Inc. has entered into an agreement with Canadian Gold Corp. to option the Flin Flon North project for total compensation of $130,000 cash and $200,000 in shares [1][2] - The Flin Flon North project consists of five claims covering 5,644.6 hectares, located 10 km north of Flin Flon, Manitoba [2] - Searchlight is assigning 100% interest in the GEM Option to Canadian Gold Corp. [2] Option Agreement Terms - The Option Agreement requires Canadian Gold Corp. to make cash and share payments over a four-year period, subject to TSX Venture Exchange approval [3] - Payments are structured as follows: - Upon commencement: $30,000 cash and $30,000 shares - 1 Year Anniversary: $20,000 cash and $30,000 shares - 2 Year Anniversary: $25,000 cash and $40,000 shares - 3 Year Anniversary: $25,000 cash and $50,000 shares - 4 Year Anniversary: $30,000 cash and $50,000 shares [4] Company Statements - Searchlight's President and CEO expressed gratitude to GEM Oil Inc. for the original claims that form the basis of this assignment [4] - The Chairman of Searchlight stated that this agreement represents a successful milestone for the company, which continues to seek deals on other projects in the Flin Flon Mining Camp [5] Additional Exploration Activities - Searchlight is actively exploring two other gold properties in the Flin Flon district: Bootleg Lake and Robinson Creek, both of which have advanced exploration and drill-ready targets [7] - Canadian Gold Corp. aims to expand the high-grade gold resource at the historic Tartan Mine, which has a 2017 indicated mineral resource estimate of 240,000 ounces of gold [8]