October 10, 2005
CORPORATE UPDATE
Carson City, Nevada - October 10, 2005 - LINCOLN GOLD CORP. (OTCBB: LGCP)
Lincoln Gold Corporation ("Lincoln") is pleased to announce that it has entered into an agreement with Alexander Holtermann ("Holtermann") whereby it will repay a convertible note in the principal amount of $200,000 plus accrued interest of $35,000 payable by the Company in favor of Holtermann thereby repurchasing certain share purchase warrants held by Holtermann. The note was convertible into 5,000,000 shares of Lincoln's common stock and the share purchase warrants entitled Holtermann to purchase 5,000,000 shares of Lincoln's common stock.
Lincoln has completed an initial payment of $135,000 to Holtermann, which payment included all accrued interest of $35,000 plus $100,000 of principal. The balance of $100,000 remains due and payable by Lincoln in accordance with the agreement. As a result of the completion of the initial payment and the delivery of the convertible note, the convertible note and warrants have been cancelled and no longer entitle Holtermann to purchase or otherwise acquire any shares of Lincoln's common stock.
LINCOLN GOLD CORP.
"Paul Saxton"
President and CEO
For more information contact:
Investor Relations: 800-689-1659 or [email protected]
www.lincolngold.com
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