Currie Rose Resources Inc. Scadding Project Update
Toronto, Ontario--(Newsfile Corp. - September 24, 2019) - Currie Rose Resources Inc. (TSXV: CUI) ("Currie Rose" or the "Company") is pleased to provide an update on the sale of its 49% interest in the Scadding Project ("Scadding") to MacDonald Mines Exploration Ltd. (TSXV: BMK) ("MacDonald Mines"). (See Release "Currie Roes Resources Inc - Scadding Project Update" dated 30th April, 2019)
The transaction has now closed and the Company has transferred all titles (Claims) to MacDonald Mines. MacDonald has completed the issue of 8,000,000 ordinary shares to Currie Rose and the cash payment of $50,000 to Currie Rose.
MacDonald Mines has a work obligation of $1.5m over a three-year period and Currie Rose will retain its existing 3% NSR and its $2,000,000 commercial production payment as follows:
- Reduce the NSR from 3% to 2.5% on payment of $2,000,000 (on reaching commercial production)
- Provide a buyback provision on 1% of the NSR for $1,000,000
Michael Griffiths, Currie's President and CEO, commented:
"We are pleased to become a major shareholder in MacDonald Mines and look forward to positive news flow from the planned exploration of the Scadding Project now the transaction has closed."
FOR ADDITIONAL INFORMATION IN RESPECT OF CURRIE ROSE, PLEASE CONTACT:
Mike Griffiths, CEO
Catherine Beckett, Manager Corporate Affairs
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.
Please visit our website located at www.currierose.com.
Forward Looking Statements
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/48091