Business
Muzhu Mining Enters into Option Agreement for Xiao Wa Gou Mining Property
VANCOUVER, British Columbia, Nov. 23, 2021 (GLOBE NEWSWIRE) -- Muzhu Mining Ltd., ("MUZU" or the "Company") (CSE:MUZU) is pleased to announce that pursuant to a
About this update from North Atlantic Titanium Corp
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 23, 2021 (GLOBE NEWSWIRE) -- Muzhu Mining Ltd., (\"MUZU\" or the \"Company\") (CSE:MUZU) is pleased to announce that pursuant to an option agreement dated November 22, 2021 (the \"Option Agreement\") the Company has agreed to acquire up to 80% interest in the Xiao Wa Gou property (XWG) (“the Property”) from Lingbao Yida Mining Co., Ltd., which is the 100% beneficial owner of XWG property in Henan Province, China. Under the Agreement, Muzhu Mining can earn up to an 80% interest in the Xiao Wa Gou property by incurring $3 million in exploration and expenditures on the property over a 3-year period while also issuing three million seven hundred and fifty thousand (3,750,000) shares in the company to Lingbao Yida Mining Co., Ltd. Those shares will be released to Lingbao Yida Mining Ltd., in stages over a three-year period. Under the terms of the Option Agreement, Muzhu Mining will earn a 60% working interest in the property upon completion of the following: Issuing Muzhu Mining shares totaling 3,750,000 consisting of:(I) 250,000 shares upon signing and exchange approval;(II) 1,000,000 shares prior to November 22, 2022;(III) 1,000,000 shares of Muzhu Mining prior to November 22nd, 2023;(IV) 1,500,000 shares of Muzhu Mining prior to November 22nd, 2024 Expenditures on the Xiao Wa Gou (XWG) property totaling $3,000,000 consisting of:(I) $500,000 prior to November 22nd, 2022;(II) $1,000,000 prior to November 22nd, 2023;(III) $1,500,000 prior to November 22nd, 2024 A further 20% interest in the Xiao Wa Gou (XWG) property can be granted to Muzhu Mining upon an independent valuation report at any time after the terms of the 60% earn in Option Agreement has been fulfilled. Mr. Donald Baxter, Muzhu Mining President and CEO, commented: \"We are looking forward to updating geologic reports on the property. The Property offers the potential of silver, lead, zinc and possibly copper given the presence of numerous mineralized veins and its close proximity to a number of operating mines.” Image 1: XWG property QUALIFIED PERSON (QP) Donald K. D. Baxter, P.Eng., CEO of Muzhu Mining Ltd., is a Qualified Person (“Q.P.”) as defined by National Instrument 43-101 (\"N.I. 43-101\") guidelines and has reviewed and approved the content of this news release. The QP has not completed sufficient work to verify the historic in...