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Metals Creek Receives Second Anniversary Option Payments for Jackson's Arm and Tilt Cove Properties in Newfoundland
Toronto, Ontario--(Newsfile Corp. - November 9, 2018) - Metals Creek Resources Corp. (TSXV: ME...
About this update from Metals Creek Resources Corp.
[{"type":"text","content":"Metals Creek Receives Second Anniversary Option Payments for Jackson's Arm and Tilt Cove Properties in NewfoundlandToronto, Ontario--(Newsfile Corp. - November 9, 2018) - Metals Creek Resources Corp. (TSXV: MEK) or \"Metals Creek\" or \"the company\" ) is pleased to announce that the company have received the second year option payment for the Jackson's Arm Agreement from Anaconda Mining Inc.(TSX-V:ANX, or Anaconda). Metals Creek have received $60,000 and 37,500 Anaconda shares for the second anniversary payment. Anaconda has the right to acquire a 100% undivided interest in Metals Creek's Jackson's Arm Property. To earn a 100% interest in the Jackson's Arm Property, Anaconda is required to make aggregate payments to Metals Creek of $200,000 in cash ($120,000 paid), and issue 125,000 common shares of Anaconda (75,000 issued) over a three-year period. The Jackson's Arm Agreement provides for a two percent (2%) net smelter returns royalty (\"NSR\") to MEK on the sale of gold bearing mineral products from the Jackson's Arm Property. The NSR is capped at $1,500,000, after which, the NSR will be reduced to one percent (1%).Metals Creek has also received an additional $60,000 and 37,500 Anaconda Shares for the second anniversary payment on the Tilt Cove Property from Anaconda. Anaconda has the right to acquire a 100% undivided interest in Metals Creek's Tilt Cove Property located 60 kilometers east of Anaconda's Point Rousse Project within the BaieVerte Mining District. To earn a 100% interest in the Tilt Cove Property, Anaconda is required to make aggregate payments to Metals Creek of $200,000 in cash,( $120,000 Paid), and issue 125,000 common shares of Anaconda (75,000 issued) over a three-year period. The Tilt Cove Agreement provides for a one percent (1%) NSR to MEK on the sale of gold bearing mineral products from the Tilt Cove Property. Anaconda is also assuming an existing two percent (2%) NSR (the \"Existing NSR\") on one of the two licenses that comprises the Tilt Cove Property. One percent (1%) of the Existing NSR is purchasable for $1,250,000. About Metals Creek Resources Corp.Metals Creek Resources Corp. is a junior exploration company incorporated under the laws of the Province of Ontario, is a reporting issuer in Alberta, British Columbia and Ontario, and has its common shares listed for trading on the Exchange under the...