VANCOUVER, BRITISH COLUMBIA – (May 19, 2009) – Mosam Capital Corp. ("Company") (TSX Venture: MOS.P) is pleased to provide an update on its proposed qualifying transaction with Full Metal Minerals (USA) Inc. ("Full Metal").
The Company has obtained the conditional acceptance of the TSX Venture Exchange for the qualifying transaction and is preparing its submission to the Exchange for final acceptance. Upon completion of the qualifying transaction, the Company will be a Tier 2 Mining Issuer.
The Company has been granted an option by Full Metal to purchase a 60% interest in the Mt. Andrew Property located approximately 48 km west north-west of Ketchikan, Alaska. The terms of the option, which will be for four years, are as follows:
Payments Shares Expenditures
First Year $50,000 upon approval 250,000 shares upon approval $ 200,000
Second Year $25,000 250,000 shares $ 400,000
Third Year $25,000 250,000 shares $1,000,000
Fourth Year $25,000 250,000 shares $1,400,000
The Mount Andrew copper-iron deposit is comprised of 15 patented federal mining claims totaling 101.5 hectares. Following the exercise of the option by the Company, the Company and Full Metals will continue under a joint venture.
The company intends holding a formal joint venture meeting with Full Metal upon listing where the exploration program and other opportunities will be discussed and agreed upon based on the recommendations set out in the NI-43-101 Technical Report entitled “Mount Andrew Iron Oxide Copper Gold Prospect, Kasaan Peninsula, Prince of Wales Island, South Eastern Alaska”, dated November 21, 2008.
Appointment of CFO
The Company also announces the appointment of Ms. Christina Cepeliauskas as chief financial officer of the Company. Ms. Cepeliauskas is a Certified General Accountant with more than 10 years of senior financial accounting and treasury experience in the mineral exploration and mining industry.
FOR FURTHER INFORMATION PLEASE CONTACT:
Mr. Brian Kerzner, President and Director
Mosam Capital Corp.
Telephone: (604) 506-5000
The TSX Venture Exchange has not reviewed nor accepted responsibility for the adequacy or accuracy of the contents of this news release which has been prepared by management