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Abstract
(Marketwired - June 4, 2013) - Windfire Capital Corp. (TSX VENTURE:WIF) ("Windfire" or the "Company") is pleased to announce that it has signed a binding Letter of Intent (the "LOI") with Triangle City Mining (Proprietary) Limited ("Triangle City") to acquire a 74% ownership interest in the Madonsi Gold Project, located in Limpopo Province, Republic of South Africa. The project comprises certain mineral properties, including the Kirsten 212LT ("Madonsi/Osprey Mine") and Malamulele 234 LT consolidated farms ("Boltman") (the "Rights") currently wholly owned by Triangle City. The properties cover a northwest width of about 2.6 km and a northeast length of about 8.3 km, comprising 2,008.8 hectares.
Limpopo Province is located in the northeast portion of South Africa and the properties cover the historically past-producing Madonsi (Golden Osprey) gold mine, situated in a detached greenstone remnant of the main Giyani greenstone belt. The Madonsi gold project is situated approximately 3 km from the Malamulele business center. Malamulele is a city with a population of approximately 400,000 and is located 37 km north of the town of Giyani, The town of Giyani and the immediate area, is a region of numerous former gold producers, with gold production in excess of 0.5 million ounces and currently being actively explored by TSX-V listed Giyani Gold Corp. The remaining 26-per-cent interest in the Madonsi gold project will be owned by local South African partners. The transaction is structured in this manner in order to comply with legislated Black Economic Empowerment ("BEE") policies for development of these mineral rights.