Western Troy Enters Into Mining Lease and Option to Purchase Northern Lights Project

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[{"type":"text","content":"Western Troy Enters Into Mining Lease and Option to Purchase Northern Lights ProjectToronto, Ontario--(Newsfile Corp. - August 9, 2021) - Western Troy Capital Resources Inc. (TSXV: WRY.H) (the \"Company\") is pleased to announce that its wholly owned subsidiary, Western Troy (Nevada) Inc. (\"Western Nevada\") has entered into a mining lease and option to purchase agreement (the \"Agreement\") with Kircher Mine Development LLC (\"Kircher\"), pursuant to which Western Nevada has leased from Kircher (the \"Lease\") certain mining claims in Mineral County, Nevada (the \"Property\") for a period of up to twenty years (the \"Term\"). In addition, Western Nevada was granted an option (the \"Option\") to acquire 100% interest in the Property. As consideration for the Lease, the Company shall pay Kircher cash payments (the \"Minimum Payments\") as follows: (i) US$15,000 on the date on which the Agreement was entered into (the \"Effective Date\"); (ii) US$25,000 on the first anniversary of the Effective Date; (iii) US$25,000 on the second anniversary of the Effective Date; (iv) US$50,000 on the third anniversary of the Effective Date; (v) US$50,000 on the fourth anniversary of the Effective Date; (vi) US$75,000 on the fifth anniversary of the Effective Date; and (vii) after the fifth anniversary, US$75,000 on each succeeding anniversary of the Effective Date until the end the end of the Term. In the event that the Company does not make the required cash payment, the Agreement will terminate.In addition, under the terms of the Agreement, Western Nevada may exercise the Option and acquire a 100% interest in the Property in exchange for payment of US$350,000 (the \"Purchase Price\"), which must be paid prior to the commencement of development or mining of minerals on the Property. All Minimum Payments that have been made prior to exercising the Option will be credited to the Purchase Price and the Purchase Price shall be reduced by such amount. In the event that the Option is exercised, Western Nevada will grant a 2.5% net smelter returns royalty (\"NSR\") in favour of Kircher, subject to the ability of Western Nevada to purchase 1% of the NSR (resulting in the remaining NSR being 1.5%) for a purchase price of $2,000,000 at any time before the seventh anniversary of the Effective Date.About Western TroyWestern Troy has been engaged in minera...

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