Venerable Ventures Ltd. Announces Option Exercise Payment
24.05.2012 | Marketwire
VANCOUVER, May 24, 2012 - Venerable Ventures Ltd. ("Venerable" or the "Company") (TSX VENTURE:VLV) is pleased to announce that, pursuant to the terms of an option agreement dated April 26, 2011 (the "Option Agreement") with Robert Carmichael and Landmark Geological Inc. (collectively, the "Optionors"), the Company has completed the first anniversary payments required to be made to the Optionors as partial consideration for the exercise of the option to acquire a 100% interest in and to the Trout Property. The first anniversary payments consisted of an aggregate cash payment of $50,000 and the issuance of an aggregate of 100,000 common shares of the Company to the Optionors.The common shares issued to the Optionors in connection with the first anniversary payments are subject to a four month and one day hold period under applicable securities laws.
About the Company
Venerable is a Canadian natural resource company engaged in the acquisition, exploration and development of mineral properties, with its primary focus on the Trout Property. Venerable holds an option to acquire a 100% interest in and to the Trout Property pursuant to the terms of the Option Agreement. The Trout Property is 65km southwest of Vanderhoof, BC on the Nechako Plateau and covers an area of 7179 Hectares. The Trout Property is approximately 40 km NNE of NewGold's Blackwater Project.
ON BEHALF OF THE BOARD VENERABLE VENTURES LTD.
Ryan Sharp
President, Chief Executive Officer and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact
Venerable Ventures Ltd.
Ryan Sharp President and CEO
(604) 647-0146
(604) 647-0143 (FAX)
ryan@venerableventuresltd.com