Vancouver, British Columbia – March 1, 2019 - Astorius Resources Ltd. (TSX-V: ASQ, Frankfurt: 47AF) ("Astorius" or the "Company") is pleased to announce it has entered into a property option agreement with an arms-length vendor to acquire 100% interest in the Covette Property, located in the James Bay Region, in the Province of Quebec.
The Property is located approximately 190 km east of Raddison and 10 km north of the all-weather Trans-Taiga road and adjacent LG-3 transmission line. The claim area consists of 12 contiguous claims, encompassing an area of approximately 613ha (~6.13 km²).
Under the terms of the Option Agreement, the Company will acquire 100% interest and rights in the property by paying the Vendor the sum of $1,250,000 in cash, payable over 36 months of signing the agreement. A 2% Net Smelter Return (NSR) is included in the agreement payable to the Vendor. The Issuer must spend a minimum of $300,000 qualified exploration and development expenditures by 5 February 2021.
A 2% Net Smelter Return (“NSR”) shall be retained by the Vendor, of which 1% may be purchased at any time, prior to the commencement of commercial production, by the Company paying to the Vendor $1,000,000. This transaction meets the requirements for an exempt transaction under the policies of the TSX Venture Exchange and is not subject to Exchange approval
|
Thread abonnieren
