Majestic Gold Signs Letter of Intent with Central China Goldfields

Majestic Gold Corp., a Vancouver-based precious metals exploration and development company, announced that it has signed a Letter of Intent with Central China Goldfields plc to combine their interests in China and fast track Majestic’s two lead projects, Song Jiaguo and Sawayaerdun, into production. Under the terms of the joint venture, Central China Goldfields has the option to earn 51% for the total consideration of C$12.5 million. The funds will be used for the exploration and development of Majestic’s properties in China. Upon earning its 51%, Central China Goldfields then has the option to purchase the remaining 49% through the issue of Central China Goldfields shares.