| May 19, 2009 Pediment Announces Amendment To Existing Option Agreement | |
| VANCOUVER, British Columbia, May 19, 2009 -- Pediment Gold Corp. (TSX:PEZ and OTCBB:PEZGF) (the "Company") announces that it has entered into an agreement to amend an existing arm's length option agreement such that the payment terms will now include the payment of a portion of the purchase price in the Company's common shares. The original option agreement provided the Company with the option to acquire three mining-exploration concessions located in the Municipality of La Colorada, State of Sonora, comprising approximately 400 hectares, for cash option payments of US$800,000 over a five-year period. All three concessions are located within the area of the Company's La Colorada gold-silver project and cover strategic zones with mineralization. The concessions will be subject to a 3% NSR royalty in favour of the optionors on which the Company has a buyout option exercisable for US$200,000. The Company is of the view that these concessions will be important in advancing its plans to further evaluate the La Colorada project. Under the amended agreement terms, the Company will now have the option to acquire the concessions for a total purchase price of US$600,000 plus 15% Value-Added Tax ("IVA") (including credit for the US$200,000 in option payments already paid by the Company to the optionors) to be paid in instalments over a three-year period. In addition, the Company will now pay US$50,000 plus IVA of each of the first two annual payments and US$100,000 plus IVA of the final payment in common shares of the Company (valued at the 10-day volume weighted average trading price for the shares on the TSX, seven business days immediately prior to each payment date) for a total of value of up to US$200,000 of the purchase price. The payment of any of the above-described payments in common shares of the Company is subject to acceptance by the TSX, and failing such acceptance the Company will be permitted to make the subject payments in cash. Any and all such shares to be issued by the Company will be subject to a four-month hold period. For additional information please contact Gary Freeman or Michael Rapsch 604-682-4418. On behalf of the board, Gary Freeman President & CEO THE TSX HAS NOT REVIEWED OR ACCEPTED RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE This news release contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, Section 27E of the U.S. Securities Exchange Act of 1934, as amended, and within the meaning of Canadian provincial securities laws applicable to the Company, regarding location and future plans for the above-described newly acquired mining --exploration concessions. Such statements include, without limitation, statements regarding future exploration activities by the Company, future anticipated exploration program results, the discovery and delineation of mineral deposits/resources/reserves, business plans, potential mining scenarios, the success of mineral processing procedures, business trends and possible future share issuances by the Company. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's inability to obtain any necessary permits, consents or authorizations required for its activities (including TSX acceptance of any share issuance), the Company's inability to produce minerals from its properties successfully or profitably, to continue its projected growth, to raise the necessary capital or to be fully able to implement its business strategies. The Company makes regular public disclosures which are available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com, and the U.S. Securities and Exchange Commission's Electronic Data Gathering and Retrieval (EDGAR) System at www.sec.gov. Readers are urged to review these materials, including any technical reports filed with respect to the Company's mineral properties, for more complete information regarding the Company's business activities, mineral properties, and the risk factors and their potential effects relating to the Company's business. This news release is not, and is not to be construed in any way as, an offer to buy or sell securities. | |
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