TORONTO, Dec. 15, 2020 /CNW/ - Nubian Resources Ltd.
("Nubian" or the "Company") (TSXV: NBR) is pleased to announce
that, further to its news release of August
31, 2020, the Company has entered into an option agreement
with Athena Silver Corporation (OTCQB: AHNR) ("Athena") for Athena
to acquire 100% of the Company's Excelsior Springs exploration
project located in Esmeralda County,
Nevada, USA (the "Property"). Nubian will retain a 1%
NSR on the Property and Athena will have the right to purchase 0.5%
for $500,000 and the remaining 0.5%
at fair market value. The completion of the transaction is
conditional upon the Company obtaining the prior approval of the
transaction from the TSX Venture Exchange (the "TSXV") and any
other approvals required under applicable laws.
In order to exercise the option agreement, Athena will have
raised a minimum of US$500,000 and
will have received approval for listing Athena common shares on the
Canadian Securities Exchange. Under the terms of the option
agreement, on exercise of the first option for a 10% interest in
the Property, Athena will issue 5,000,000 Athena shares to the
Company and will have the right to acquire an additional 90% with
the issuance of an additional 45,000,000 Athena shares to the
Company, representing an approximate 40% interest in
Athena. Nubian has agreed to a hold period of six months from
the date of issuance of the Athena consideration shares. The
Company intends to distribute all or a portion of the Athena
consideration shares received by it to its shareholders following
the closing of the transaction as a return of capital. Any such
distribution of Athena shares would be subject to obtaining any
required approvals of the TSXV.
About Athena Silver Corporation
Athena Silver Corporation is focused on the exploration and
development of precious metals in the Western United
States. Its core holding is 36 unpatented claims totaling over
720 acres located in the Historic Calico Mining District
in San Bernardino County, California. Athena's unpatented
claims are located adjacent to the historic silver deposits known
as Langtry and Pan American Silver's Waterloo. Athena also
owns more than 800 acres of investment property in San Bernardino County, California and has an
option to acquire a 1% royalty on the Langtry Silver Deposit.
About Nubian Resources
Nubian Resources Ltd. is a public traded precious and base
metals exploration company listed on the TSX Venture Exchange. The
Company is managed by a team of experienced mining and geological
professionals. In May 2020, Nubian
entered into an agreement to acquire and develop the Yandoit Gold
Project in central Victoria,
Australia and in July 2020,
Nubian entered into an agreement to acquire Stavely Mineral
Limited's Fosterville East project and its Lefroy and Matthina projects in Tasmania. Nubian's main asset is the
Esquilache Silver Project located within the Tintaya porphyry
copper belt of southern Peru.
Neither 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.
Caution Regarding Forward Looking Statements
Certain
statements contained in this press release constitute
forward-looking information. These statements relate to future
events or future performance. The use of any of the words "could",
"intend", "expect", "believe", "will", "projected", "estimated" and
similar expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on Nubian's current belief or assumptions
as to the outcome and timing of such future events. Actual future
results may differ materially. In particular, this release contains
forward looking information relating to, among other things,
statements with respect to the potential completion of the sale of
the Property, the consideration payable to the Company and the
intended distribution of the Athena shares received by the Company
as a return of capital. Various assumptions or factors are
typically applied in drawing conclusions or making the forecasts or
projections set out in forward-looking information. Those
assumptions and factors are based on information currently
available to Nubian. Although such statements are based on
reasonable assumptions of Nubian's management, there can be no
assurance that any conclusions or forecasts will prove to be
accurate.
Forward-looking information contained in this news release is
based on certain factors and assumptions regarding, among other
things. While Nubian considers these assumptions to be reasonable
based on information currently available to them, they may prove to
be incorrect. Forward looking information involves
known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
information. Such factors include risks inherent in the exploration
and development of mineral deposits, including risks relating to
changes in project parameters as plans continue to be redefined,
risks relating to variations in grade or recovery rates, risks
relating to changes in mineral prices and the worldwide demand for
and supply of minerals, risks related to the COVID-19
pandemic and current global financial conditions, increased
competition, access and supply risks, reliance on key personnel,
operational risks, regulatory risks, including risks relating to
obtaining necessary licenses and permits, financing, capitalization
and liquidity risks, title and environmental risks and risks
relating to delay or failure to satisfy the closing conditions
relating to sale of the Property and in connection with recently
announced acquisitions in Australia.
The forward-looking information contained in this release is
made as of the date hereof, and Nubian is not obligated to update
or revise any forward-looking information, whether as a result of
new information, future events or otherwise, except as required by
applicable securities laws.
Because of the risks, uncertainties and assumptions contained
herein, investors should not place undue reliance on
forward-looking information. The foregoing statements expressly
qualify any forward-looking information contained herein.
SOURCE Nubian Resources Ltd.