Business
Blind Creek Resources Ltd. Announces Intention to Move Forward with Engineer Gold Mines Spinout Transaction
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ VANCOUVER, Jan. 19, 2018 /CNW/ - (TSXVE: BCK) – Blind Creek
About this update from Engineer Gold Mines Ltd.
[{"type":"text","content":" /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/ VANCOUVER, Jan. 19, 2018 /CNW/ - (TSXVE: BCK) – Blind Creek Resources Ltd. (\"Blind Creek\" or the \"Company\") is pleased to announce its intention to transfer its Engineer Mine property and the adjoining Gold Hill Property which it acquired from BCGold Corp. (now Pan Andean Minerals Ltd.) in early 2017 together with certain claims it had previously acquired (the \"Engineer Gold Mine Project\") to Engineer Gold Mines Ltd. (\"Engineer\"), a wholly-owned subsidiary of Blind Creek subject to receipt of all required regulatory approvals) for common shares of Engineer (the \"Engineer Distribution Shares\"). The Engineer Distribution Shares will then be distributed to the common shareholders of Blind Creek on the reduction of the stated capital of the Blind Creek common shares, all by way of a plan of arrangement (the \"Plan of Arrangement\") under the Business Corporations Act (British Columbia) (the \"Arrangement\"). Blind Creek and Engineer have entered into an arrangement agreement (the \"Arrangement Agreement\") dated January 19, 2018 in connection with the Arrangement (which has been filed under Blind Creek's profile on www.SEDAR.com.) The Arrangement is intended to deliver value to shareholders by unlocking the potential of the Engineer Gold Mines Project. About the Engineer Gold Mines Project The Engineer Gold Mines Project is a gold/silver project situated 32 km southwest of Atlin, British Columbia. The Engineer Gold Mine Property consists of six patented crown grants, five legacy mineral claims, and 42 Mineral Titles Online \"MTO cell\" claims that surround and overlap the crown grants. The total contiguous property package covers an area of approximately 12,032 hectares. All claims are indicated to be in good standing on the BC Mineral Titles Online website until at least December 1, 2018 and are owned 100% by Blind Creek. Guardsmen Resources Inc. retains a 2.5% net smelter return on the five Gold Hill claims, 2% of which can be purchased for C$1.5 million. There are no other underlying royalties in respect of the Engineer Gold Mines Project. The Engineer Gold Mine is a historic high-grade gold-silver producer and it is estimated that 14,263 tonnes was mined between 1910 and 1952, although the majority of the productio...