Vancouver, British Columbia (FSCwire) - Strategic Metals Ltd. (TSX-V: SMD) (“Strategic”)  announces that it has re-negotiated a property exchange agreement with Silver Range Resources Ltd. (“Silver Range”), as originally announced by Silver Range on June 19, 2014, but subsequently cancelled as announced by Silver Range on September 29, 2014.  Pursuant to the re-negotiated agreement, Silver Range will receive a 100% interest in Strategic’s Michelle property and its BP 4 claim, in exchange for which Strategic will receive a 100% interest in Silver Range’s Mint property.  The BP 4 claim is subject to 2% net smelter return royalty payable to an arm’s length individual.  There are no royalty interests on either the Michelle or the Mint properties.

 

Strategic currently holds 9,480,340 shares of Silver Range, representing approximately 19.99% of the 47,401,707 shares of Silver Range currently issued and outstanding.  Accordingly, this transaction is considered a “related party transaction” pursuant to the provisions of Multilateral Instrument 61-101, and will require “minority approval” from each of Silver Range’s and Strategic’s shareholders at their Annual General and Special Meetings to be held on September 30, 2015, as well as acceptance from the TSX Venture Exchange.

 

“Strategic currently holds interests in over 100 mineral properties.  As a project generator, its business model is to option or sell mineral projects and packages of mineral projects to other exploration companies.  The Michelle property and the BP 4 claim do not have any direct synergies with Strategic’s other prospects and are not singularly material to Strategic.  However, under certain market conditions, a copper-gold porphyry target (the Mint property) may complement other porphyry prospects Strategic currently holds in the southwestern Yukon” states Doug Eaton, President and CEO of Strategic.

 

About Strategic Metals Ltd.

 

Strategic is a project generator and the largest claim holder in Yukon, which the Fraser Institute recently rated as best jurisdiction in the world for mineral potential.  Strategic’s portfolio of more than 100 projects is the result of 50 years of focussed exploration and research by a team with a track record of major discoveries.  Current projects available for option, joint venture or sale include drill-confirmed prospects and drill-ready targets with high-grade surface showings, geochemical anomalies and geophysical features similar to those at nearby deposits.

 

Strategic has a current cash position of over $24 million and significant shareholdings in a number of active mineral exploration companies including 46.64% of Rockhaven Resources Ltd., 8.6% of ATAC Resources Ltd., and 12.9% of Precipitate Gold Corp.

 

ON BEHALF OF THE BOARD

 

“W. Douglas Eaton”

 

President and Chief Executive Officer

 

For further information concerning Strategic or its various exploration projects please visit our website at www.strategicmetalsltd.com or contact:

Corporate Information Strategic Metals Ltd. W. Douglas Eaton President and C.E.O. Tel: (604) 688-2568

Investor Inquiries Richard Drechsler V.P. Communications Tel: (604) 687-2522 NA Toll-Free: (888) 688-2522 rdrechsler@strategicmetalsltd.com http://www.strategicmetalsltd.com

 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results. 

To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/strategic08062015.pdf

Source: Strategic Metals Ltd. (TSX Venture:SMD) http://www.strategicmetalsltd.com/s/Home.asp

 

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