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Pacific Empire Minerals Options Topley Richfield Property, Central British Columbia
Vancouver, British Columbia--(Newsfile Corp. - May 14, 2019) - Pacific Empire Minerals Corp. (...
About this update from Pacific Empire Minerals Corp.
[{"type":"text","content":"Pacific Empire Minerals Options Topley Richfield Property, Central British ColumbiaVancouver, British Columbia--(Newsfile Corp. - May 14, 2019) - Pacific Empire Minerals Corp. (TSXV: PEMC) (OTCQB: PEMSF) (\"Pacific Empire\", \"PEMC\" or the \"Company\"), a hybrid prospect generator focused in British Columbia is pleased to announce it has entered into an option agreement to acquire a 100% interest in the Topley Richfield Property located in the Babine Copper-Gold Porphyry district in central British Columbia. The Topley Richfield Property covers 2,270 hectares and is contiguous with PEMC's Bulkley Property located 45 km south of the past-producing Bell and Granisle copper-gold porphyry deposits.About the Topley Richfield PropertyHistorical work conducted on the Topley Richfield Property includes over 10,000 metres of drilling, multiple ground based geophysical and geochemical surveys, and historical production from two underground levels, initiated in 1927. Historical production and exploration was focused on a polymetallic (Au-Ag-Cu-Pb-Zn) vein system which remains open along strike to the south, and open down plunge. PEMC has identified peripheral copper ± gold porphyry targets to the east and west of the polymetallic vein system that remain underexplored to date.Details with respect to the consideration payable for the Topley Richfield Property acquisition are as follows:Table 1. Option agreement terms.TimingCash Payments *Share issuancesUpon signing$10,000100,000First anniversary of Effective Date$30,000200,000Second anniversary of Effective Date$50,000200,000Third anniversary of Effective Date$50,000200,000Fourth anniversary of Effective Date$50,000300,000TOTAL =$190,0001,000,000 The vendors of the property will be granted a 3% net smelter royalty (\"NSR\"). The Company may purchase the NSR, in whole or in part at any time, with each 1.0% purchasable for $1,000,000. For clarity, the NSR Royalty may be purchased by the Optionee in full at any time for $3,000,000.* Dollar amounts expressed in Canadian dollarsThis property acquisition remains subject to approval of the TSX Venture Exchange. Any securities issued as consideration under this option agreement will be subject to a statutory hold period of four months and one day from the date of issuance.About the Babine Copper-Gold Porphyry DistrictThe most significant ...