VANCOUVER, March 5, 2018 /CNW/ - Finlay Minerals
Ltd. (TSXV: FYL) (the "Company") announces the option of
its 100% owned ATTY Property to Serengeti Resources Inc.
("Serengeti") for consideration totaling $1.85 million. The ATTY, which was purchased from
Electrum Resource Corporation in 1999, is adjacent, contiguous and
directly to the north of Centerra Gold's Kemess Property
encompassing the pre-feasibility Kemess Underground deposit and the
advanced Kemess East deposit which is open to the west, north and
south. Both these deposits are within 1.0 kilometer of ATTY's
borders. The ATTY covers several high potential exploration targets
including a possible up-thrown, near surface, fault offset of the
adjacent Kemess East deposit.
Robert Brown, the Company's
President and Chief Executive Officer states that:
"With the option of the ATTY Property to Serengeti Resources,
who own the UDS Property adjacent to the ATTY, we have created a
more robust asset. The Company is looking forward to Serengeti
advancing the exploration of the ATTY. This agreement is part
of a corporate strategic plan developed by the Company's Board and
Management in late 2017 to focus funds on a single project while
bringing in partners on the others."
The option agreement's term is over 8 years with all cash
payments totaling $625,000, combined
cash and/or share payments totaling $975,000, and further payments of $250,000 to purchase Finlay's royalty rights, in
addition to work commitments on the ATTY Property of $12 million. The first year of the agreement is
binding for Serengeti, including $300,000 of work on the ATTY.
These transactions are subject to the approval of the TSX
Venture Exchange and any shares issued by Serengeti to the Company
pursuant to the terms of the option agreement will be subject to a
four-month hold period in accordance with applicable securities
laws.
About Finlay Minerals Ltd.
Finlay is a TSX Venture Exchange company focused on exploration
for base and precious metal deposits in northern British Columbia. The Company's properties
include:
- the Silver Hope which includes porphyry
copper-molybdenum mineralization discovered in 2010, along with
three silver-copper mineralized zones, in a contiguous trend with
the mined-out deposits of the former Equity Silver Mines (71
million oz. silver, 185 million lbs. copper and 508,000 oz.
gold),
- the ATTY which is contiguous to the north side of
the Kemess East deposit of Centerra Gold Inc., and
- the PIL Property which is adjacent to Sable
Resource's Baker Mine.
Finlay Minerals Ltd. trades under the symbol "FYL" on the TSX
Venture Exchange. For further information and details please visit
the Company's website at www.finlayminerals.com.
On behalf of the Board of Directors,
Robert F. Brown,
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Information: This news release
includes certain "forward-looking information" and "forward-looking
statements" (collectively, "forward-looking statements") within the
meaning of applicable Canadian securities legislation. All
statements in this news release that address events or developments
that we expect to occur in the future are forward-looking
statements. Forward-looking statements are statements that are
not historical facts and are generally, although not always,
identified by words such as "expect", "plan", "anticipate",
"project", "target", "potential", "schedule", "forecast", "budget",
"estimate", "intend" or "believe" and similar expressions or their
negative connotations, or that events or conditions "will",
"would", "may", "could", "should" or "might" occur. All such
forward-looking statements are based on the opinions and estimates
of management as of the date such statements are made.
Forward-looking statements in this news release include statements
regarding, among others, the completion of the cash and/or share
payments pursuant to the terms of the option agreement and the
receipt of requisite regulatory approvals for the transactions
contemplated under the option agreement. Although Finlay 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 forward-looking statements. Factors that
could cause actual results to differ materially from those in
forward-looking statements include market prices, exploration
successes, and continued availability of capital and financing and
general economic, market or business conditions. These
forward-looking statements are based on a number of assumptions
including, among other things, assumptions regarding general
business and economic conditions, the timing and receipt of
regulatory and governmental approvals, the ability of Finlay and
other parties to satisfy stock exchange and other regulatory
requirements in a timely manner, the availability of financing for
Finlay's proposed transactions and programs on reasonable terms,
and the ability of third party service providers to deliver
services in a timely manner. Investors are cautioned that any such
statements are not guarantees of future performance and actual
results or developments may differ materially from those projected
in the forward-looking statements. Finlay does not assume any
obligation to update or revise its forward-looking statements,
whether as a result of new information, future or otherwise, except
as required by applicable law.
SOURCE Finlay Minerals Ltd.