Morro Bay Receives Extension to Exercise Option on Pe[[115]]oles Project
Calgary, Alberta (FSCwire) - Morro Bay Resources Ltd. (“Morro Bay” or the “Company”) (TSX-V: MRB) announces the option on the Peñoles Project under the Option Agreement between Morro Bay and Riverside Resources Ltd. ("Riverside") has been extended from December 31, 20014 to January 9, 2015.
The extension has been granted by Riverside so that new terms can be negotiated. Under the current agreement the Company needed to make cash payments to Riverside in the amount of $100,000 and USD$1,250,000 on or before December 31, 2014; and make an additional payment of $750,000 also before December 31, 2014 payable in either cash or Morro Bay shares to acquire a 51% interest.
John Zang, CEO of Morro Bay stated "We did much work in 2014 on the Peñoles Project and were encouraged by the drilling results. We are in negotiations with our partner Riverside to arrive at mutually acceptable terms given the current challenging financial market conditions.”
About Morro Bay
Morro Bay is a junior mineral exploration company based in Calgary, Alberta, Canada, focused on the exploration for precious metals in Mexico. Morro Bay's business strategy is to build shareholder value by rapidly advancing the Peñoles Project in Mexico through the resource delineation stage.
Further Information
For further information please contact:
John C. Zang Patrick Piette
President and Chief Executive Officer Investor Relations
Jzang@morrobayresources.com ppiette@morrobayresources.com
403 680 9264 416 526 9911
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Information in this news release may contain forward looking information. Statements containing forward looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the company.
There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.
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This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
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public://news_release_pdf/MorroBayJan22015.pdf
Source: Morro Bay Resources Ltd. (TSX Venture:MRB) http://www.morrobayresources.com/
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