(TheNewswire)
August 27, 2018 / TheNewswire / Vancouver, BC: Silver Grail Resources Ltd. (“Silver Grail”) ( (“SVG”-TSX-V) is pleased to announce it has, in conjunction with joint owner Teuton Resources, agreed to option out the Bay Silver property to Auramex Resources Corp. subject to TSX approval.
The option to acquire a 100% interest in the Bay Silver property involves an initial payment of $10,000 and the issuance of 100,000 shares upon Exchange acceptance, to be divided equally between Teuton and Silver Grail. To complete the option, payments aggregating a further $110,000 and 400,000 shares are required over the next four years, again to be divided equally. The vendors will retain a 2% NSR, one half of which can be bought down for $1 million, with a minimum advance annual royalty of $50,000 to begin after 7 years.
High-grade silver-bearing veins located in the southern portion of the Bay Silver property were mined on a limited basis beginning in 1928. Mining at that time was hampered by the difficulty of transporting ore from the mine at 900 meters elevation down to sea level in the Bear Valley. Other high-grade silver occurrences have been documented on other parts the Bay Silver property.
“Dino Cremonese, P.Eng.”
President, Silver Grail Resources Ltd.
For more information contact Investor Relations at 778-430-5680 or barry@teuton.com. If you would like to be added to Silver Grail’s news distribution list, please send your email address to dino@teuton.com.
This news release includes certain forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, as well as management’s objectives, strategies, beliefs and intentions. Forward-looking statements are frequently identified by such words as “may”, “will”, “plan”, “expect”, “anticipate”, “estimate”, “intend” and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward looking-statements and we caution against placing undue reliance thereon. Silver Grail Resources Ltd. does have an ongoing obligation to disclose material information, as it becomes available.
The TSX Venture Exchange has neither
approved nor disapproved the
information contained herein.
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