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Kootenay Silver announces new prospecting discovery and earn-in partner; adds to generative portfolio
Kootenay Silver announces new prospecting discovery and earn-in partner; adds to generativ...
About this update from Kootenay Silver Inc.
[{"type":"text","content":"\n\n\n\nKootenay Silver announces new prospecting discovery and earn-in partner; adds to generative portfolio\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, June 20, 2017\n\n\n\n\n \n \n\n \n \n\n\nVANCOUVER, June 20, 2017 /CNW/ - Kootenay Silver Inc.  (TSXV: KTN) (the \"Company\" or \"Kootenay\") is pleased to announce that the Company is exercising its right under a Grub Stake Agreement (the \"Grub Stake Agreement\") with the Kennedy Group to acquire a 100% interest in the Mark Project located in southeast B.C. (the \"Acquisition\"). The Mark Project is comprised of 17 mineral tenures totaling approximately 14,093 hectares.  Pursuant to the terms of the Grub Stake Agreement, in order to complete the Acquisition, the Company must issue 100,000 common shares to the Kennedy Group upon receipt of TSX Venture Exchange (\"TSXV\") approval.  Following completion of the Acquisition, the Kennedy Group will retain an underlying 1% net smelter returns royalty, which can be purchased by the Company, in whole or in part, for $1,000,000 per each one-half percent (0.5%). \n\nIn conjunction with exercising the option to acquire the Mark Project, the Company is pleased to announce that it has entered into an earn-in agreement (the \"Earn-in Agreement\") with a wholly-owned subsidiary of Antofagasta plc. (\"Antofagasta\") whereby Antofagasta can, over a 4 year term, earn a 65% interest in the Mark Project by expending or incurring US$3 million (the \"Earn-in Expenditures\") in respect of the Mark Project (the \"Earn-in Option\").  Upon exercise of the Earn-in Option, a joint venture will form between the Company and Antofagasta, with industry-standard future funding and dilution terms. The exploration budget for year one under the Earn-in Agreement is anticipated to be US$150,000.  Antofagasta has the right to accelerate payment of the Earn-in Expenditures.\n\nKootenay President and CEO James McDonald states, \"This is an exciting new prospecting discovery in a belt of rocks that host some of the largest silver-copper deposits in N...