Kiplin Metals Options Copper Property in Quebec
Vancouver, August 5th, 2021 - Kiplin Metals Inc. ("The Company") (TSXV:KIP), (OTC:ALDVF), (Frankfurt:17G1) is pleased to announce that it has entered into a mineral property option agreement (the "Option Agreement") with Kode Mineral Exploration Ltd. (the "Vendor"), an arms-length third party, pursuant to which the Company has been granted the option to acquire a 100% interest in the Lac Rochester Copper Property (the "Project") which is comprised of 48 map designated mineral claims, covering an area of approximately 2,774 hectares in the Province of Quebec. The Lac Rochester Copper Project is located on the eastern border of the Val d'Or mining camp, 50km southeast of the city of Val D'Or, and 14km south of the Company's flagship property, the Exxeter Gold Project. Exploration of the Lac Rochester Copper Project in the 1960's identified multiple high copper and iron values, concurrent with a large, northeast trending magnetic anomaly. The Company is in the process of compiling and digitizing historical date on the project, with the intention of commencing exploration in the near term.
Under the terms of the Option Agreement, the Company can acquire all rights to the Project, subject to a one-percent net smelter returns royalty on commercial production to be granted to the Vendor, which can be purchased by the Company at any time for a cash payment of $1,000,000. In order to exercise the option and acquire the Project, the Company must make cash payments to the Vendor of $400,000; $10,000, on signing of the Agreement, $140,000 at eighteen months after the signing of the Agreement, $250,000 at thirty-six months after the signing of the Agreement. The company must also incur work expenditures of $400,000 on the Project, all over a three-year term.
No securities of the Company are issuable to the Vendor in accordance with the Option Agreement. The Company does not intend to devote the majority of its resources to the development of the Project in the next twelve-months, nor does it expect the Project to represent the majority of its assets going forward.
For further information, contact the Company at 604-622-1199.
On behalf of the Board of Directors,
"Peter Born"
Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company 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 developments may differ materially from those in forward-looking statements. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
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