Golden Peak Minerals Options Hemlo East Property

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[{"type":"text","content":"Golden Peak Minerals Options Hemlo East Property(via TheNewswire)\n\n \nVancouver, BC / TheNewswire / February 1, 2017 - Golden Peak Minerals Inc. (TSX-V: GP; US: GPKMF) (\"Golden Peak\" or the \"Company\") is pleased to announce that it has entered into an option agreement (the \"Agreement\") to acquire a 100% interest in the Hemlo East Property (the \"Property\") from MetalCorp Limited (TSXV: MTC) (\"MetalCorp\"). \n\n \n \nHemlo East Property Highlights:\n\n \n \n-Consists of 32 claims (219 units) covering approximately 3,504 hectares.\n\n\n \n-The overall structural and stratigraphic setting, as well as the nature of the alteration seen on the Property are very similar to the Hemlo Deposit. The continuous alteration zones are known to also host local gold occurrences. \n\n\n \n-Excellent infrastructure with access provided by the TransCanada Highway (Hwy 17) from which all weather roads lead into the Property. \n\n\n \n-Located approximately 30 km east of Marathon, Ontario.\n\n \n \nTodd Hanas, President of Golden Peak commented: \"Golden Peak has now secured a significant and larger land package in the world-class Hemlo Gold Camp. Along with the acquisition of the Hemlo East Property in late 2016, the Company entered into option agreements to acquire the 7,250 hectare strategic land position, known as the Heikki Hemlo North Property, immediately north of the Hemlo Gold Mines. Golden Peak now controls multiple key properties, totaling approximately 10,752 hectares with exceptional exploration potential, noting the geological similarities to the operating mines in the prolific Hemlo Gold Mining Camp.\"\n\n \n \nUnder the terms of the Agreement with MetalCorp, in order to earn a 100% interest in the Property, Golden Peak is required to pay a total of CDN$340,000, issue an aggregate of 2,250,000 common shares and incur a total of CDN$1,800,000 in exploration expenditures on the Property over a three year period. The Property is subject to a 2.5% NSR with a buyback of 0.5% for US$1,000,000. The Agreement is subject to the acceptance of the TSX Venture Exchange. All securities issued pursuant to the Agreement will be subject to a four-month and one-day hold period from the date of issue.\n\n \n \nGolden Peak intends to further test the mineralized and altered zones of the Property, both along trend and to depth, and to also follo...

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