GSP Resource Corp. Options 60% Interest in Olivine Mountain Project to Full Metal Minerals Ltd.
February 26 2020 - 8:30AM
GSP Resource Corp. (
TSX-V: GSPR) (the
“
Company” or “
GSP”) and Full
Metal Minerals Ltd. (TSX-V: FMM) (“
Full Metal”)
have entered into an agreement (the “
Agreement”)
pursuant to which Full Metal has the option (the
"
Option") to earn a 60% interest in GSP’s Olivine
Mountain property in the Similkameen Mining Division, British
Columbia (the “
Property”).
GSP holds an option in good standing to acquire
a 100% right, title and interest in and to the Property pursuant to
the terms of an option agreement dated February 23, 2018 (as
amended October 17, 2019 and December 24, 2019) between GSP and
Platinum Belt Resources Inc. (the “Underlying
Agreement”). Pursuant to the Agreement, GSP covenants to
duly complete the exercise of its option pursuant to the Underlying
Agreement.
The Option may be exercised by Full Metal (i)
incurring exploration expenditures of $500,000 including a minimum
$75,000 within 12 months following the date (the
“Acceptance Date”) upon which the Agreement is
accepted by the TSX Venture Exchange; (ii) making cash payments
totaling $500,000 ($75,000 within 12 months of the Acceptance
Date); and (iii) issuing 250,000 common shares of Full Metal
(70,000 within 12 months of the Acceptance Date), over the
four-year Option term.
GSP will be the operator for exploration
programs determined by Full Metal. A 10% operator fee will
count towards the required exploration expenditures.
Following the exercise of the Option, Full Metal and GSP will
continue under a joint venture with Full Metal holding a 60%
interest and GSP holding a 40% interest.
The Agreement is subject to acceptance by the
TSX Venture Exchange.
About GSP Resource Corp.: GSP
Resource Corp. is a mineral exploration & development company
focused on projects located in Southwestern British Columbia.
The Company has an option to acquire a 100% interest and title to
the Alwin Mine Copper-Gold-Silver Property in the Kamloops Mining
Division, as well as an option to acquire 100% interest and title
to the Olivine Mountain Property in the Similkameen Mining
Division.
Contact Information - For more
information, please contact: Simon Dyakowski, Chief Executive
Officer & DirectorTel: (604) 619-7469 Email:
simon@gspresource.com
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 contains “forward‐looking
information or statements” within the meaning of applicable
securities laws, which may include, without limitation, the TSX
Venture Exchange approval of the Agreement, future exploration work
on the Property, other statements relating to the technical,
financial and business prospects of the Company, its projects and
other matters. All statements in this news release, other than
statements of historical facts, that address events or developments
that the Company expects to occur, are forward-looking statements.
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 may differ materially from those in the forward-looking
statements. Such statements and information are based on numerous
assumptions regarding present and future business strategies and
the environment in which the Company will operate in the future,
including the price of metals, the ability to achieve its goals,
that general business and economic conditions will not change in a
material adverse manner, that financing will be available if and
when needed and on reasonable terms. Such forward-looking
information reflects the Company’s views with respect to future
events and is subject to risks, uncertainties and assumptions,
including those filed under the Company’s profile on SEDAR at
www.sedar.com. Factors that could cause actual results to differ
materially from those in forward looking statements include, but
are not limited to, continued availability of capital and financing
and general economic, market or business conditions, adverse
weather conditions, failure to maintain all necessary government
permits, approvals and authorizations, failure to maintain
community acceptance (including First Nations), increase in costs,
litigation, and failure of counterparties to perform their
contractual obligations. The Company does not undertake to update
forward‐looking statements or forward‐looking information, except
as required by law.
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