Noble has completed the acquisition of the 5% net smelter royalty applicable to ~55,000 hectare of patented mineral rights on its Project 81.
Noble Mineral Exploration Inc. (TSXV:NOB, OTC:NLPXF, FSE:NB7) (“Noble” or the “Company”) is pleased to announce that it has completed the acquisition of the 5% net smelter royalty applicable to ~55,000 hectare of patented mineral rights on its Project 81 in the Timmins-Cochrane area of northern Ontario. As a result of doing so, those patented properties are now only subject to a 2% royalty. (See Noble’s news releases of October 24, 2019 and November 28, 2019 for more information.) Approximately 24,000 additional hectares of the Company’s Project 81 are not subject to any royalty.
As previously announced, Noble entered into a royalty assignment agreement for the purchase of the current 5% royalty that applies to parts of Project 81. (See Noble’s news release of October 24, 2019.) Noble also entered into agreements requiring that, after having purchased the 5% royalty, Noble will terminate that royalty with respect to Noble’s properties, leaving in place a newly-granted 2% royalty applicable to the same properties as the 5% royalty.
Vance White, Noble’s President and CEO commented: “We’re very pleased to have been able to complete this transaction. We believe that reducing the royalty on a 55,000 hectare portion of Project 81 from 5% to 2% will open up the opportunity of bringing in additional option and joint venture partners for the exploration and development of Project 81, consistent with our project generator business model.”
About Noble Mineral Exploration Inc.
Noble Mineral Exploration Inc. is a Canadian-based junior exploration company which, in addition to its shareholdings in in Spruce Ridge Resources Ltd. and MacDonald Mines Exploration Ltd., and its interest in the Holdsworth gold exploration property in the area of Wawa, Ontario, holds in excess of 78,000 hectares of mineral rights in the Timmins-Cochrane areas of Northern Ontario known as Project 81. Project 81 hosts diversified drill-ready gold, nickel-cobalt and base metal exploration targets at various stages of exploration. More detailed information is available on the website at www.noblemineralexploration.com.
Noble’s common shares trade on the TSX Venture Exchange under the symbol “NOB”.
H. Vance White, President
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This press release contains certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. Forward looking information includes, but is not limited to, timing for completion of the proposed transaction, the amount and uses of proceeds, strategic plans, including future exploration and development results, and corporate and technical objectives. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the risks inherent to the mining industry, adverse economic and market developments and the risks identified in Noble’s publicly available documents filed under SEDAR. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. Noble disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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