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Group Ten Metals Signs Letter of Intent with Mount Cairnes Resources for Partnership on the Ultra PGE-Ni Property in Canada’s Yukon Territory
VANCOUVER, British Columbia, April 25, 2019 (GLOBE NEWSWIRE) -- Group Ten Metals Inc. (TSX.V: PGE; US OTC: PGEZF; FSE: 5D32) (the “Company” or “Group Ten”) anno
About this update from Stillwater Critical Minerals Corp
[{"type":"text","content":" VANCOUVER, British Columbia, April 25, 2019 (GLOBE NEWSWIRE) -- Group Ten Metals Inc. (TSX.V: PGE; US OTC: PGEZF; FSE: 5D32) (the “Company” or “Group Ten”) announces that it has signed a Letter of Intent (“LOI”) with Mount Cairnes Resources Corp. (“Mount Cairnes”) for an earn-in by Mount Cairnes of 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. Group Ten and Mount Cairnes have 90 days from the signing date of the LOI to complete and execute a definitive agreement, which will be subject to the approval of the TSX Venture Exchange and Group Ten’s Board of Directors. Group Ten’s President and CEO, Michael Rowley stated, “We are very pleased to have completed this LOI with Mount Cairnes. The Ultra property is a large claim block within our Kluane PGE-Ni-Cu Project and is highly prospective with multiple historic showings plus additional targets developed by our Yukon exploration team. Group Ten has worked strategically to acquire and consolidate high-quality projects through the low part of the metal price cycle, culminating in the acquisition of our flagship Stillwater West PGE-Ni-Cu Project in 2017. As a result, the Company holds a portfolio of high-potential exploration properties in proven mining districts, adjacent to producing mines and advanced stage deposits. We are now in a position to undertake partnerships or other value-creating arrangements on these secondary assets while we focus our efforts and resources on advancing the Stillwater West Project. The Company continues to receive and evaluate expressions of interest in our Ontario, Yukon, and Alaska properties. We look forward to providing continued updates on these properties as well as reporting continuing advancements at Stillwater West.” About the Ultra Property and the Kluane PGE-Ni-Cu Project The 93-square-kilometer Ultra PGE-Ni-Cu property is part of Group Ten’s Kluane Project and is located in the Kluane PGE-Ni-Cu belt that extends through the Yukon from northern British Columbia to central Alaska. Group Ten’s Kluane Project properties are ...