Midnight Sun Signs Definitive Option Agreement for Exploration Permits in Zambia
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 29, 2013) - Midnight Sun Mining Corp. (the "Company" or "Midnight Sun") (TSX VENTURE:MMA) announces that it has agreed to final terms relating to the option agreement ("Option Agreement") with Kam Chuen Resource Holdings Ltd. ("Kam Chuen"), which was discussed in a May 9th, 2013 news release (available on the Company's website).
Under the terms of the Option Agreement, Midnight Sun can earn a 60% interest in two mineral exploration permits near Solwezi, Zambia that are currently held by Kam Chuen by issuing an aggregate of 15,333,333 shares to Kam Chuen and incurring $3,666,667 of work expenditures ("Expenditures") related to the properties according to the following schedule:
| (i) 1,333,333 shares issued on receipt of TSX Venture Exchange (the "TSXV") approval to the option (the "Approval Date"), a further 4,00,000 shares 18 months after the Approval Date; and a further 10,000,000 shares 36 months after the Approval Date; and | ||
| (ii) $1,000,000 of Expenditures within 18 months of the Approval Date, a further $1,333,333 of Expenditures within 36 months of the Approval Date and a further $1,333,334 of Expenditures within 48 months of the Approval Date. |
The Option Agreement remains subject to receipt of all necessary regulatory approvals, including the approval of the TSXV.
ON BEHALF OF THE BOARD
Robert Sibthorpe B.Sc (Geology), M.B.A., President & CEO
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 NEWS RELEASE.