Supreme Metals Announces Definitive Agreements for Acquisition of Silver Shadow and Columbus Properties
01.02.2017 | FSCwire
Sudbury - Supreme Metals Corp. (the “Company”) (CSE: ABJ)(FSE: A68) is pleased to announce that it has entered into an option agreement (the “Option Agreement”) with Anstag Mining Inc. providing for an exclusive option to purchase a one hundred percent (100%) undivided interest in and to the Silver Shadow Property located in northwest part of the Clayton Valley, Nevada. Pursuant to the Option Agreement, the Company shall earn 100% of the Silver Shadow Property upon the issuance of 1,000,000 common shares to Anstag Mining Inc. within five days of the signing of the Option Agreement and completing no less than $1,000,000 of qualified exploration expenditures on the property within three years.Additionally, the Company has entered into a purchase and sale agreement (the “Purchase Agreement”) with Doctors Investment Group Inc. for the acquisition of a 100% undivided interest in the Columbus Property located within the Columbus Salt Marsh, Esmerelda County, Nevada. In consideration for the acquisition of the Columbus Property, the Company shall issue 9,000,000 common shares to Doctors Investment Group Inc. within five days of signing the Purchase Agreement. The Columbus Property is subject to a 1% Gross Overriding Royalty (GORR) payable to the vendor; however, the GORR is subject to a buyback in favour of the Company whereby it may acquire, at any time, one-half of the GORR (0.5%) for $1,000,000.
About the Silver Shadow Property
The Silver Shadow Property consists of approximately 1,600 acres located in northwest part of the prolific Clayton Valley. It is situated near the northwest flank of Rockwood Lithium’s Silver Peak mine, the only lithium producer in North America. This exciting new prospect lies adjacent to the west of Lithium X’s north block. Exploration logistics are excellent with property access via a paved highway approximately ½ km from the property boundary.
About the Columbus Property
The Columbus Property covers approximately 1,920 acres, located within the Columbus Salt Marsh, near Coaldale and west of ground controlled by Ultra Lithium. The principal target at the Columbus Project is a large circular gravity low anomaly which is interpreted as an in-filled basin which may contain lithium rich brine. The Big Smoky Valley was preliminarily drilled in 1979 by the United States Geological Survey and anomalous lithium values were encountered in the basin sediments.
On Behalf of the Board,
“Bob Komarechka”
CEO
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. There is no assurance the private placement, property option, change of board or reinstatement of trading referred to above will close on the terms as stated, or at all. The Company disclaims any intention or obligation to revise or update such statements.