Business
Full Metal Provides Update on the Olivine Mountain Option Agreement
Vancouver, British Columbia--(Newsfile Corp. - August 30, 2023) - Full Metal Minerals Ltd. (TSXV...
About this update from Full Metal Minerals Ltd. Class A
[{"type":"text","content":"Full Metal Provides Update on the Olivine Mountain Option AgreementVancouver, British Columbia--(Newsfile Corp. - August 30, 2023) - Full Metal Minerals Ltd. (TSXV: FMM) (\"Full Metal\" or the \"Company\") announces that it has entered into a sixth amending agreement (the \"Amending Agreement\") to the option agreement (the \"Option Agreement\") among the Company and GSP Resource Corp. (\"GSPR\") pursuant to which the Company acquired the option (the \"Option\") to earn a 60% interest in GSPR's Olivine Mountain property in the Similkameen Mining Division, British Columbia (see the Company's press releases dated February 26, 2020, July 31, 2020, October 8, 2020, December 24, 2020, February 18, 2021 and March 22, 2021).In order to exercise the Option, the Amending Agreement provides for: (i) a $20,000 increase in the cash payments payable to GSPR; and (ii) an increase of 30,000 common shares in the capital of the Company (\"Shares\") issuable to GSPR. The Option may be exercised over the four-year Option term by (i) incurring exploration expenditures of $1,125,000, of which $75,000 have already been incurred; (ii) making cash payments totaling $535,000 to GSPR, of which $110,000 have already been paid; and (iii) issuing 380,000 common shares in the capital of the Company (\"Shares\") to GSPR, of which 170,000 have already been issued. GSPR will be the operator for exploration programs determined by the Company. The 10% operator fee will count towards the required exploration expenditures. Following the exercise of the Option, the Company and GSPR intend to continue under a joint venture with the Company holding a 60% interest and GSPR holding a 40% interest.The Amending Agreement is subject to acceptance by the TSX Venture Exchange.Project Search During the last twelve months the Company has reviewed multiple projects, predominately advanced projects. The Company continues to evaluate high quality mineral assets, with a focus on projects with defined mineral resources, with potential for high margins and/or long mine life's. The Companies ultimate goal is to build a portfolio of mineral assets through acquisitions that are expected to be comprised of gold, silver, copper and nickel. ON BEHALF OF THE BOARD OF DIRECTORS\"Peter Voulgaris\"Peter VoulgarisCEO & President Suite 1500, 409 Granville Street, Vancouver, BC V6C 1T2Teleph...