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SKRR Exploration Inc. (TSXV: SKRR) (FSE: B04Q) (" SKRR " or the " Company ") is pleased to announce it has entered into a letter of intent (" LOI ") with X1 Entertainment Group Inc. (CSE: XONE) (" X1 "), whereby SKRR and X1 will negotiate and settle the terms of a definitive acquisition agreement (the " Acquisition Agreement ") for X1 to acquire a 100% interest in SKRR's wholly-owned Manson Bay gold project (the " Manson Bay Project ").
The Manson Bay Project is located in the Trans Hudson Corridor in east-central Saskatchewan , approximately 40km northwest of the historic mining center of Flin Flon , on the Manitoba border. The Manson Bay Project consists of thirteen (13) contiguous mineral claims totaling 4,293.213 hectares.
Under the terms of the LOI, X1 may acquire a 100% interest in the Manson Bay Project by issuing 1,000,000 common shares in the capital of X1 to SKRR. The potential Acquisition Agreement and the consideration and transactions contemplated thereunder, will be subject to and in accordance with applicable corporate and securities laws and the approval of the Canadian Securities Exchange, and if required, the approval of the TSX Venture Exchange and any other such approvals that may be required, including approval of the shareholders of X1.
Further details regarding the proposed transaction with X1 will be provided in a comprehensive news release if, and when, the parties enter into the Acquisition Agreement. There can be no guarantees that the proposed transaction will be completed as contemplated or at all.
About SKRR Exploration Inc. :
SKRR is a Canadian-based precious and base metal explorer with properties in British Columbia and Saskatchewan – some of the world's highest ranked mining jurisdictions. The primary exploration focus is on the Trans-Hudson Corridor in Saskatchewan in search of world class precious and base metal deposits. The Trans-Hudson Orogen – although extremely well known in geological terms has been significantly under-explored in Saskatchewan . SKRR is committed to all stakeholders including shareholders, all its partners and the environment in which it operates.
ON BEHALF OF THE BOARD
Sherman Dahl
President & CEO
Tel: 250-558-8340
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.
Forward-Looking Information
This news release contains "forward–looking information or statements" within the meaning of applicable securities laws, which may include, without limitation, statements that address the potential transaction with X1 including entering into the Acquisition Agreement, Canadian Securities Exchange and TSX Venture Exchange approval of the transaction, as applicable, approval of the shareholders of X1 and other statements relating to the technical, financial and business prospects of the Company, its projects and other matters, and the Company's plans and goals. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, the ability to achieve its goals, the ability to secure equipment and personnel to carry out work programs, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, the interpretation of technical and scientific data, risks related to the inherent uncertainty of exploration and development and cost estimates and the potential for unexpected costs and expenses and including those filed under the Company's profile on SEDAR at www.sedarplus.ca . There is a possibility that future exploration, development or mining results will not be consistent with the Company's expectations. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather or climate conditions, decrease in the price of metals, equipment failures or failure to obtain the necessary equipment, failure to maintain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First Nations), increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward–looking statements or forward–looking information, except as required by law.
SOURCE SKRR Exploration Inc.
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