TORONTO, March 12, 2018 (GLOBE NEWSWIRE) -- Nitinat Minerals Corporation (the “Corporation”) (TSX VENTURE:NZZ) (FRANKFURT:04U1) is pleased to announce that it has entered into an option agreement (the “Agreement”) with two arm’s length parties (collectively, the “Optionors”) whereby the Corporation has obtained the option to acquire an 100% undivided interest in four (4) additional claims (collectively, the “Claims”) abutting the western boundaries of the Corporation’s current mining claims in Carscallen Township, Ontario.
Pursuant to the terms of the Agreement, the Corporation is required to pay the Optionors an aggregate of $65,000 and issue an aggregate of 1 million common shares (the “Consideration Shares”) in the capital of the Corporation on or before January 10, 2020. The issuance of the Consideration Shares is subject to the approval of the TSX Venture Exchange and will be subject to a statutory four (4) month hold period from date of issuance.
In the event that the Corporation exercises its option and acquires the Claims, the Corporation’s current property holdings will more than quadruple in size. The Claims encompass an area of particular interest in that surface exploration conducted on the Claims to date have shown the existence of historic surface mining.
“The Corporation is very excited to have secured an option to acquire the Claims,” stated Herb Brugh, the President of the Corporation. “The Option represents the first time that all of the claims have been under the control of a singular company. The Claims represent an incredible opportunity for the Corporation as they have never been drilled and by the Claims abutting the Corporation’s current claims, makes the claim contiguous which lends itself for a more concise work program. The Corporation intends to develop an extensive work program to fully investigate the potential of the Claims.”
The Carscallen Gold Property is located 25 kms west of the City of Timmins and 7 kilometers north of the Lakeshore Gold’s Timmins Mine which produced an aggregate of 185,600 ounces in 2014.
The Qualified Person for the Carscallen Property is John A. Gould, B.Sc. University of the Witwatersrand (Geology, Physics and Chemistry) Potchefstroom University of Higher Christian Education: BSc (Hons) (Geology) SACNASP Registration: 400022/10.
Herb Brugh, President and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in 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” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “anticipated”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Nitinat is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. Nitinat cannot assure investors that actual results will be consistent with these forward-looking statements and Nitinat assumes no obligation to update or revise the forward-looking statements contained in this release to reflect actual events or new circumstances.
Source:Nitinat Minerals Corporation