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Group Ten Metals Signs Earn-In Agreement with Mount Cairnes Resources for the Ultra PGE-Ni Property in Canada’s Yukon Territory
VANCOUVER, British Columbia, July 25, 2019 (GLOBE NEWSWIRE) -- Group Ten Metals Inc. (TSX.V: PGE; US OTC: PGEZF; FSE: 5D32) (the “Company” or “Group Ten”) is pl
About this update from Stillwater Critical Minerals Corp
[{"type":"text","content":" VANCOUVER, British Columbia, July 25, 2019 (GLOBE NEWSWIRE) -- Group Ten Metals Inc. (TSX.V: PGE; US OTC: PGEZF; FSE: 5D32) (the “Company” or “Group Ten”) is pleased to announce that it has signed a definitive earn-in agreement (the “Agreement) with Mount Cairnes Resources Corp. (“Mount Cairnes”) under which Mount Cairnes may acquire a 51% interest in Group Ten’s 93-square-kilometer Ultra PGE-Ni-Cu property in Canada’s Yukon Territory by completion of the following requirements over a four-year period: Cash payments totaling $750,000 to Group Ten; Issuance of three million shares to Group Ten; and Completion of $3.75 million in exploration work on the Ultra property, with Group Ten as operator. The Agreement represents the successful conclusion of the Letter of Intent announced in a news release dated April 25, 2019. The initial cash and share payments made under the Agreement are required within 15 days of completion by Mount Cairns of a listing of its common shares on a Canadian stock exchange, and subsequent obligations are due on the anniversaries of the listing date. Group Ten’s President and CEO, Michael Rowley stated, “We are very pleased to have executed this Agreement with Mount Cairnes which will see the large and highly prospective Ultra PGE-Ni-Cu property in the Kluane District of Canada’s Yukon Territory advanced to determine its full potential. The property is part of the Company’s larger Kluane PGE-Ni-Cu Project which, in keeping with our broader corporate strategy, was strategically acquired during the lows of the general commodities market. Through such strategy, Group Ten has been able to secure an impressive portfolio of high-quality projects exploration properties in proven mining districts, adjacent to producing mines and advanced stage deposits. The Company continues to receive expressions of interest for our Ontario, Yukon, and Alaska properties, which we are evaluating as part of our focus on advancing our flagship Stillwater West PGE-Ni-Cu-Co Project in Montana. We look forward to providing further announcements with respect to our plans for 2019, including our planned inaugural drilling program at Stillwater West, in the coming days and weeks.” Mount Cairnes’ Glenn Kerr commented, “Mount Cairnes is very excited and pleased to be working with such an experienced team on the highly prospective Ultr...