VANCOUVER, British Columbia, June 6, 2013 /PRNewswire/ --Linux Gold Corp. (OTCBB: LNXGF), is pleased to announce that it has agreed to extend the teaming agreement with Kenn Roberts, of Marfa, Texas to produce gold from a unique placer mining technology. The agreement, originally executed April 5, 2013, has now been extended to July 15, 2013. The teaming agreement is earned by Linux Gold Corp. funding the gold extraction technology for a cost of US$32,000.
Linux Gold will earn a dividend amount of 50% and Kenn Roberts will earn a 50% interest after funding is no longer required. In the initial stage, 20% of all gold recovered will be allocated to Linux Gold as to 10% and Kenn Roberts as to 10%, until the operational funding is no longer required. The parties will then revert to a 50% net profit for Linux Gold Corp. and 50% to Kenn Roberts.
Kenn Roberts states, "A new placer drill project will commence to test the insitu placer process upon identifying a known placer pay streak."
ABOUT LINUX GOLD CORP.
Linux Gold Corp. symbol LNXGF is involved with exploration of mineral properties:
Dime Creek on the eastern Seward Peninsula of Alaska, Linux Gold Corp. owns a 100% interest in a strip of 12 contiguous State of Alaska mining claims.
Linux owns a 5% royalty interest in the Fish Creek property until $2,000,000 is received. With a buy in option for a 25% interest within one year from production in lieu of the 5% royalty interest.
For more information on the Company please visit www.linuxgoldcorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
John Robertson, President
Phone Contact: John Robertson 800-665-4616
This news release may contain certain forward-looking statements, including management's assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. There can be no assurance that such statements will prove accurate, and actual results and developments are likely to differ, in some case materially, from those expressed or implied by the forward-looking statements contained in this press release. Readers of this press release are cautioned not to place undue reliance on any such forward-looking statements.
Forward-looking statements contained in this press release are based on a number of assumptions that may prove to be incorrect, including, but not limited to: timely implementation of anticipated drilling and exploration programs; the successful completion of new development projects, planned expansions or other projects within the timelines anticipated; the accuracy of reserve and resource estimates, if any, grades, mine life and cash cost estimates; whether mineral resources can be developed; title to mineral properties; financing requirements; changes in laws, rules and regulations applicable to Linux, and changes in how they are interpreted and enforced, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, and the United States, industry conditions, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange, stock market volatility and market valuations of companies with respect to announced transactions. The Company's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements, including those described in the Company's Financial Statements, Management Discussion and Analysis and Material Change Reports filed with the Canadian Securities Administrators and available at www.sedar.com, and the Company's 20-F annual report filed with the United States Securities and Exchange Commission at www.sec.gov. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive there from.
Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
SOURCE Linux Gold Corp.