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GSP Resource Corp. Options 60% Interest in Olivine Mountain Project to Full Metal Minerals Ltd.
VANCOUVER, British Columbia, Feb. 26, 2020 (GLOBE NEWSWIRE) -- GSP Resource Corp. (TSX-V: GSPR) (the “Company” or “GSP”) and Full Metal Minerals Ltd. (TSX-V: FM
About this update from Gsp Resource Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Feb. 26, 2020 (GLOBE NEWSWIRE) -- GSP Resource Corp. (TSX-V: GSPR) (the “Company” or “GSP”) and Full Metal Minerals Ltd. (TSX-V: FMM) (“Full Metal”) have entered into an agreement (the “Agreement”) pursuant to which Full Metal has the option (the \"Option\") to earn a 60% interest in GSP’s Olivine Mountain property in the Similkameen Mining Division, British Columbia (the “Property”). GSP holds an option in good standing to acquire a 100% right, title and interest in and to the Property pursuant to the terms of an option agreement dated February 23, 2018 (as amended October 17, 2019 and December 24, 2019) between GSP and Platinum Belt Resources Inc. (the “Underlying Agreement”). Pursuant to the Agreement, GSP covenants to duly complete the exercise of its option pursuant to the Underlying Agreement. The Option may be exercised by Full Metal (i) incurring exploration expenditures of $500,000 including a minimum $75,000 within 12 months following the date (the “Acceptance Date”) upon which the Agreement is accepted by the TSX Venture Exchange; (ii) making cash payments totaling $500,000 ($75,000 within 12 months of the Acceptance Date); and (iii) issuing 250,000 common shares of Full Metal (70,000 within 12 months of the Acceptance Date), over the four-year Option term. GSP will be the operator for exploration programs determined by Full Metal. A 10% operator fee will count towards the required exploration expenditures. Following the exercise of the Option, Full Metal and GSP will continue under a joint venture with Full Metal holding a 60% interest and GSP holding a 40% interest. The Agreement is subject to acceptance by the TSX Venture Exchange. About GSP Resource Corp.: GSP Resource Corp. is a mineral exploration & development company focused on projects located in Southwestern British Columbia. The Company has an option to acquire a 100% interest and title to the Alwin Mine Copper-Gold-Silver Property in the Kamloops Mining Division, as well as an option to acquire 100% interest and title to the Olivine Mountain Property in the Similkameen Mining Division. Contact Information - For more information, please contact: Simon Dyakowski, Chief Executive Officer & DirectorTel: (604) 619-7469 Email: [email protected] Neither the TSX Venture Exchange nor its Regulation Se...