Sunvest Minerals Corp. (TSXV:SSS) (the “Company”) announces that it has decided not to proceed further with the acquisition of the McKinnon Hemlo West property, located in the Province of Ontario.
With respect to this decision, the Company has entered into a termination agreement with the underlying owners. Pursuant to the termination agreement, the Company will issue an aggregate total of 200,000 common shares to the underlying owners, in consideration for a full release of the Company from any matters relating to or arising out of its option agreement with respect to the property. The issuance of shares is subject to the Company receiving prior approval from the TSX Venture Exchange and will be subject to a four month hold from the date of issuance.
“This move demonstrates the Company’s mission to focus its efforts on the Golden Triangle in BC this summer. Drill target prioritization is well underway, and we look forward to an exciting work season set to commence in June.” stated Mike England, CEO of Sunvest Minerals Corp.
ON BEHALF OF THE BOARD
(signed) “Mike England”
Mike England, CEO & director
FOR FURTHER INFORMATION:
Telephone: 1 604 683 3995
Toll Free: 1 888 945 4770
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.
SOURCE: Sunvest Minerals Corp.