ROUYN-NORANDA, QC,
April 22, 2019 /CNW Telbec/ - X-Terra Resources Inc.
(TSXV: XTT) and (FRANKFURT: XTR) is pleased to announce it has
received conditional approval from the TSX Venture Exchange for its
previously announced transaction to acquire from NB Gold Inc. a 70%
interest in the Grog property and Northwest property (which is
comprised of the Rim, Dome and Bonanza properties) located in
New Brunswick (collectively, the
"Properties"). The 70% interest in the Properties will be acquired
by the Corporation pursuant to two amended and restated exploration
and option agreements dated February 1, 2019, as amended,
between the Corporation and NB Gold Inc. (collectively, the
"Agreements") (see the Corporation's press release dated
February 4, 2019). The Corporation
expects to complete shortly the initial closing of its option under
the Agreements.
"While this transaction took longer than most to materialize,
the Corporation is extremely pleased with the outcome and looks
forward to the upcoming exploration season for the Grog and
Northwest properties" stated Michael
Ferreira, President and Chief Executive Officer of X-Terra
Resources.
"I am extremely happy to be concluding this transaction with
X-Terra Resources. Their team has worked incredibly hard throughout
the past year in order to identify and showcase the opportunity the
Grog and Northwest properties will provide for its shareholders as
well as the shareholders of NB Gold." Stated Jimmy Gravel, President of NB Gold Inc.
The Corporation has been planning and continues to plan for the
upcoming exploration season slated to debut as soon as
possible.
In other news, the Corporation has decided to withdraw from its
option to acquire a 60% interest in the Veronneau property and will
maintain its already acquired 10% interest in the property. This
was a very difficult decision but given the context of the market
and the exploration challenges presented at the Veronneau property,
the Corporation decided it was in its best interest to focus its
efforts on its existing portfolio of projects, including its
Troilus East, Ducran and its newly optioned Properties in
New Brunswick.
About X-Terra Resources Inc.
X-Terra Resources is a resource company focused on acquiring and
exploring precious metals and energy properties in Canada. X-Terra Resources currently has
35,731,721 common shares issued and outstanding.
Forward-Looking Statements
This news release contains statements that may constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking information may
include, among others, statements regarding the future plans,
costs, objectives or performance of the Corporation, or the
assumptions underlying any of the foregoing. In this news release,
words such as "may", "would", "could", "will", "likely", "believe",
"expect", "anticipate", "intend", "plan", "estimate" and similar
words and the negative form thereof are used to identify
forward-looking statements. Forward-looking statements should
not be read as guarantees of future performance or results, and
will not necessarily be accurate indications of whether, or the
times at or by which, such future performance will be achieved. No
assurance can be given that any events anticipated by the
forward-looking information will transpire or occur, including the
acquisition of the Properties, the development of the Properties,
or if any of them do so, what benefits the Corporation will derive
from the Properties. Forward-looking information is based on
information available at the time and/or management's good-faith
belief with respect to future events and are subject to known or
unknown risks, uncertainties, assumptions and other unpredictable
factors, many of which are beyond the Corporation's control. These
risks, uncertainties and assumptions include, but are not limited
to, those described under "Financial Instruments" and "Risk and
Uncertainties" in the Corporation's Annual Report for the fiscal
year ended December 31, 2017, a copy of which is available on
SEDAR at www.sedar.com, and could cause actual events or results to
differ materially from those projected in any forward-looking
statements. The Corporation does not intend, nor does the
Corporation undertake any obligation, to update or revise any
forward-looking information contained in this news release to
reflect subsequent information, events or circumstances or
otherwise, except if required by applicable laws.
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 the release.
SOURCE X-Terra Resources Inc.