Squire Amends Option to Acquire Star Property; Grants Stock Options
VANCOUVER, British Columbia, Feb. 13, 2018 (GLOBE NEWSWIRE) -- Squire Mining Ltd. (CSE:SQR) – Further to the Company’s news release of December 6, 2017, the Company has amended the terms of its option agreement to acquire an interest in the Star property located 40 kilometres south southeast of Nazko in central British Columbia (the “Star Property”). Under the amended option, the Company has the right to acquire an initial 51% undivided interest in the Star Property in consideration for cash payments totalling $60,000 and exploration expenditures of $785,000 over a period of two and one-half years as follows:
| Date | Payment | Work Commitment | ||
| February 15, 2018 | $10,000 | $35,000 | ||
| August 15, 2018 | $10,000 | N/A | ||
| February 15, 2019 | $10,000 | $250,000 | ||
| August 15, 2019 | $10,000 | N/A | ||
| February 15, 2020 | $10,000 | $500,000 | ||
| August 15, 2020 | $10,000 | N/A | ||
| Total | $60,000 | $785,000 | ||
If the Company exercises its option to acquire a 51% undivided interest in the Star Property, the Company will then have the right to increase its interest by an additional 14% (65% in total) upon completion of a preliminary economic assessment on the Star Property and a further 15% (80% in total) upon completion of a financing sufficient to carry out a feasibility study on the Star Property. Thereafter, the parties shall form a joint venture for the continue exploration and development of the Star Property.
The Company is currently contemplating a two phase work program on the Star Property for 2018. Phase 1 planned for May 2018 consists of trenching of existing targets, geochemical surveys, stream sediment sampling and detailed prospecting at an estimated cost of $35,000. Contingent upon favorable results, a Phase 2 program consisting of approximately 1,000 metres of diamond drilling to follow up on, among others, targets generated from Phase 1 is contemplated at an estimated cost of $250,000. If warranted, drilling will take place in August or September 2018.
The Company further announces that it has granted an incentive stock option to an officer to purchase 200,000 common shares at an exercise price of $0.18 per share, exercisable for a term of two years from the date of grant.
For further information contact:
Kevin R. Hanson, Chief Financial Officer
Telephone: (604) 929-0900
The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking information” under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to, the Company’s proposed exploration programs on the Star Property. Forward-looking information is necessarily based upon a number of estimates and 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. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, risks related to mineral exploration, and the actual results of the Company’s exploration programs. Actual results and future events could differ materially from those anticipated in such forward looking information. Accordingly, readers should not place undue reliance on forward-looking information. The Company 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.