Gespeg Acquires Cap-Chat Copper Project in the Gaspe Peninsula
SASKATOON, SASKATCHEWAN--(Marketwired - Aug 3, 2015) - Gespeg Copper Resources Inc. (TSX VENTURE:GCR) (the "Company" or "Gespeg") is pleased to announce that it has entered into a purchase agreement (the "Agreement") with Mr. Daniel Lepage and Mr. Pierre Ross, both arm's length parties to the Company (together the "Vendors" and individually a "Vendor"), to acquire a 100% undivided interest to 12 mineral claims on the North portion of the Gaspé Peninsula, near the Municipality of Cap-Chat and comprising approximately 680 hectares or 6.8 sq/km (the "Property"). These claims are adjacent to the Barabin claims that are already in Gespeg land potfolio.
Under the terms of the Agreement, Gespeg is acquiring the Property by paying the Vendors the following:
- an aggregate cash payment of $10,000 ($5,000 to each Vendor) upon approval of the TSX-Venture Exchange.
- 1,000,000 common shares of Gespeg to the Vendors (500,000 common shares to each Vendor) upon approval of the TSX-Venture Exchange.
- a 3% net smelter royalty ("NSR") (payable 1.5% to each Vendor). The NSR can be reduced by 1.5% with the payment of $1,500,000 ($750,000 to each Vendor).
Mr. Sylvain Laberge, President and CEO of Gespeg, remarks "We are pleased to add this property to our portfolio. It furthers our mandate of expanding our position in prospective properties in the underexplored Gaspé Peninsula region".
The Agreement is subject to the approval of the TSX-Venture Exchange.
About Gespeg Copper Resources Inc.: Gespeg is an exploration company with a focus on copper, especially in a grossly underexplored region "Gaspé, Québec". With a dedicated management team, the Company's goal is to create shareholder wealth through the discovery of new deposits.
This news release contains certain statements that may be considered "forward-looking statements". Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Gespeg Copper believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Gespeg Copper management on the date the statements are made. Except as required by law, Gespeg Copper undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact
Sylvain Laberge
President and CEO
514-702-9841
slaberge@gespegcopper.com