Currie Rose Resources Receives TSX-V Approval of Option Deal over Historic Rossland Gold and Silver Project
Toronto, Ontario--(Newsfile Corp. - May 16, 2018) - Currie Rose Resources Inc. (TSXV: CUI) ("Currie Rose" or the "Company") is pleased to announce that the TSX Venture Exchange has approved the Company's transaction to acquire the Rossland gold and silver project (the "Rossland Project"), located approximately 35km south-west of Castlegar, British Columbia.
The Exchange has accepted all filing documentation including a National Instrument 43-101 Technical Report (the "Technical Report") on the Rossland Project and has approved the issuance of common shares relating to the Company's option agreement with 0704723 BC Ltd for the acquisition of 100% of the GNB property and option agreement with 0811662 BC Ltd for the acquisition of 100% of the COE property. The GNB property and the COE properties together comprise the Rossland Project.
Michael Griffiths, Currie's President and CEO, commented: "The Rossland Project covers a large proportion of the Rossland Mining Camp which surrounds the former Le Roi, War Eagle and Centre Star Gold mines. This is an advanced brownfields play with little modern exploration having been undertaken due to previous fragmented ownership. The Company recognises the potential both along strike from the former producing mines as well as other underexplored vein gold targets."
The Rossland Project covers approximately 2,000 Ha of the Rossland Mining Camp that produced more than 2.7 million ounces of gold, 3.5 million ounces of silver and 71 tonnes of copper between 1894 and 1941 and ranks as the third largest lode gold camp in British Columbia. Historical records identify significant molybdenite, zinc and cobalt mineralisation within the Camp and the Company plans to investigate these metals as part of its exploration activity and overall district scale focus.
Under the terms of the two option agreements, Currie Rose has the right to acquire 100% of the Rossland Project from the vendors via a 3-stage, four-year option (see below for details). On completion of the Feasibility Study and the payment obligations, the Company will own 100% of the Rossland Project and will grant separately, to each vendor, a 2% Net Smelter Return (NSR) with Currie Rose having an option to purchase from each vendor one-half (1%) of the NSR for payment of $1m.
The Technical Report has been filed on SEDAR at www.sedar.com and can be found on the Company's website at www.currierose.com. The Technical Report, entitled "THE ROSSLAND PROJECT, Rossland Area, South-Central British Columbia, Canada" was prepared for Currie Rose by Avrom E. Howard MSc, PGeo, a Qualified Person, and has an effective date of April 9, 2018. Mr. Howard is independent of both Currie Rose and the vendors of the properties.
Option Agreements Terms (corrected from April 13, 2018 press release):
Stage 1 — 12 months
- Upfront payment of $50,000 and issue of 1m Currie Rose shares to each Vendor;
- Minimum expenditure of $500,000 for each company;
- Investment by Currie beyond the first year, will be contingent on positive results.
Stage 2 — 12 -24 months
- Two annual payments of $75,000 and issue 1.5m Currie Rose shares to each Vendor;
- Minimum expenditure of $750,000 for each company;
Stage 3 - 24-48 months
- Funding and completing a Feasibility Study - one study to apply to both companies;
- Two annual payments of $100,000 and issue 2m Currie Rose shares on the 3rd & 4th anniversaries (per Vendor);
About Currie Rose Resources Inc.
Currie Rose is a precious metal explorer focused on identifying high value assets in Canada. Our current projects span British Columbia and Ontario with our immediate focus on the recently acquired Rossland Project in BC.
Technically strong and corporately nimble we seek to add value through targeted exploration.
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.
This news release may contain forward-looking statements that are based on the Company's expectations, estimates and projections regarding its business and the economic environment in which it operates. Statements about the closing of the transaction, expected terms of the transaction, the number of securities of Currie Rose that may be issued in connection with the transaction, and the parties' ability to satisfy closing conditions and receive necessary approvals are all forward-looking information. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
FOR ADDITIONAL INFORMATION IN RESPECT OF CURRIE ROSE, PLEASE CONTACT:
Mike Griffiths, CEO
Catherine Beckett, Manager Corporate Affairs