Margaux Resources Ltd. (TSX VENTURE: MRL, OTCQB: MARFF) (“Margaux” or the “Company”) is pleased to announce that the TSX Venture Exchange has accepted the filing documentation and approved the issuance of common shares thereunder relating to the Company’s following agreements with third parties (the “Vendors”) (i) an option agreement (the “Option Agreement”) for the acquisition of 100% of the Ore Hill property; and (ii) a purchase and sale agreement (the “Purchase Agreement”) for the acquisition of 100% of the Aspenex property (collectively with the Ore Hill property, the “Properties”), located in Salmo, British Columbia.
Ore Hill Option Agreement
Under the terms of the Option Agreement, Margaux will have the exclusive option to acquire the Ore Hill mineral claims by making payments to the Vendor of an aggregate $80,000 cash and aggregate issuance of 200,000 common shares (“Shares”) of Margaux, paid in several installments over four years. In addition, the Vendor will retain a 2% net smelter returns royalty (“NSR”) on the Ore Hill property. Margaux may at any time purchase the 2% NSR from the third party by payment of $250,000.
Aspenex Purchase Agreement
Under the terms of the Purchase Agreement, Margaux has purchased the Aspenex property from the Vendor outright, for a purchase price of $5,000 cash and the issuance of 50,000 Shares.
The Properties are located in the Kootenay Arc belt in southeastern British Columbia approximately 12 kilometres southeast and 5 kilometres east, respectively, of the community of Salmo, and adjacent to Margaux’s Jersey-Emerald and Sheep Creek properties. The Properties consist of two mineral claims, covering 338.13 hectares in the Nelson Mining Division, and are prospective for gold, silver, zinc and lead. For further detail on the Properties, please refer to Margaux’s press releases dated March 2, 2017.
About Margaux Resources Ltd.: Margaux is a publicly traded polymetallic exploration company focused on the exploration and development of previously producing properties in the Kootenay Arc, located in southeastern British Columbia, including the Jackpot/Oxide, Jersey-Emerald, Sheep Creek and Bayonne properties, on which Margaux has options. The Company is directed by a group of highly successful Canadian business executives with proven track records. Margaux trades on the TSX Venture Exchange under the symbol MRL and on the OTCQB under the symbol MARFF.
Forward Looking Statements
This press release may contain forward looking statements including those describing Margaux’s future plans and the expectations of management that a stated result or condition will occur. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of Margaux and its management. In particular, this news release contains forward-looking statements pertaining, directly or indirectly, to the following: the potential of mineral resources and potential for recovery thereof, the Company’s ability to make payments under the Option Agreement, as well as other market conditions and economic factors, business and operations strategies. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. These statements speak only as of the date of this release or as of the date specified in the documents accompanying this release, as the case may be. The Company undertakes no obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws. There can be no assurance that the Company will complete the option payments to acquire the Ore Hill property on the time frame required by the Option Agreement or at all. The payments under the Option Agreement are subject to a number of conditions, including Margaux being able to source the cash required under the Option Agreement to make the requisite option payments.
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.
Margaux Resources Ltd.
President, CEO and a Director