BTU CLARIFIES PREVIOUS RELEASE REGARDING ACQUIRING TWO STRATEGIC PROPERTIES CONTIGUOUS TO GREAT BEAR'S DIXIE PROJECT, RED LAKE DISTRICT, CANADA
October 17th, 2018, Vancouver, BC, Canada – BTU METALS CORP. (“BTU” or the “Company”) (BTU-TSX:V) is pleased to announce it has entered into two agreements with arms-length vendors to acquire two strategic properties, both adjoining and contiguous to the south and south-west border of Great Bear Resources Corp.’s (GBR – TSX:V) Dixie Project located in the Red Lake District of Ontario.
Extensive work has been carried out on the properties over the previous, 10 years including as recently as this year. A review of this prior work is being undertaken by the Company’s geological team. A news release containing their findings will follow.
To view a map of the Dixie Halo South and the Dixie Halo South East please visit http://btumetals.com/projects/Dixie_Halo.pdf. The drill hole intersection reported on the property location map is not on the Company’s Dixie Halo Property. Mineralization that may be hosted on adjacent properties are not representative of mineralization that is, or may be, hosted on the Company’s Dixie Halo Property.
Cumulative terms call for the Company to issue a total of 12 million shares and cause expenditures of $2,500,000 on the properties over a period of 24 months. A 2.5% NSR will be granted to each vendor with 1% purchasable by the Company at any time for $2,000,000. Advanced royalty payments totalling $6,000 per year shall commence after the 5th year.
This transaction is subject to TSXV approval.
The technical contents of this release were approved by Mr. Doug Hunter, P. Geo., a qualified person as defined by National Instrument 43-101.
ON BEHALF OF THE BOARD
Paul Wood, CEO, Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
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.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).Back to Past News