VANCOUVER, Oct. 3, 2018 /CNW/ - Finlay Minerals Ltd.
(TSXV: FYL) (the "Company") reports that Serengeti Resources
Inc. ("Serengeti") has fulfilled the first year financial and work
obligations in regards to the option agreement of its ATTY
Property.
The option agreement, which was entered into in March, 2018
(Reference: Finlay NR 01-18 dated March 5,
2018), has an 8 year term with the first year being binding
for Serengeti with payments of shares and/or cash of $50,000 and $300,000 of work conducted on the ATTY.
The results of the $300,000 of
field work conducted by Serengeti on the ATTY identified 4 drill
targets - one of which had already been discovered and/or indicated
through the Company's 2007 Titan IP geophysical survey.
The Company confirms that, per the option agreement, ownership
of the ATTY Property does not get transferred unless and until such
time as all the financial consideration of $1.85 million and work commitments of
$12 million have been met by
Serengeti.
For further information on Serengeti's 2018 work on the ATTY,
refer to Serengeti's news release at:
www.serengetiresources.com/news/2018/serengeti-resources-outlines-drill-targets-at-atty-gold-copper-project-north-central-british-columbia/
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;
Reference:
http://minfile.gov.bc.ca/Summary.aspx?minfilno=093L++001). The
Silver Hope Property surrounds the former Equity Silver Mine;
- the ATTY which is contiguous to the north side of
the Kemess East deposit and adjacent to the Kemess Underground
deposit of Centerra Gold Inc. and which was recently optioned to
Serengeti Resources (Finlay NR 01-18 dated March 5, 2018), 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, P.Eng.
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 exploration plans for the ATTY
Property. 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.