San Marco Updates Status of Option to Acquire Buck Gold-Silver Project, Northern British Columbia

About this update from Sun Summit Minerals Corp.

[{"type":"text","content":"San Marco Updates Status of Option to Acquire Buck Gold-Silver Project, Northern British ColumbiaVancouver, British Columbia--(Newsfile Corp. - August 15, 2019) - San Marco Resources Inc. (TSXV: SMN) (\"San Marco\" or the \"Company\") provides an update on its option agreement to acquire a 100% interest in the Buck Property, an intermediate sulphidation, epithermal gold-silver zinc property near the town of Houston in north-central British Columbia, which it announced on July 16, 2019. Option TermsBy incurring at least $112,000 in exploration on the property by December 31, 2019, and making cash payments totalling $300,000 and issuing 4,000,000 shares to the optionors, Dick Billingsley, and his wife, Gaye Richards, by the fifth anniversary of the Exchange's approval of the option agreement, San Marco will have exercised the option and earned a 100% interest in the Buck Property. Once the option is exercised, San Marco must: Grant the optionors a 2.5% net smelter returns royalty. The royalty can be reduced to 1.5% of net smelter returns by a payment of $2,500,000 to the optionors prior to the first anniversary of the commencement of commercial production. Issue an additional 4,000,000 shares to the optionors upon the earlier of completion of a bankable feasibility study, the acquisition of more than 50% of the shares of the Company by a third party acquiror (or group of acquirors acting in concert) in a take-over bid or the eighth anniversary of the Effective Date. TSX Venture Exchange ApprovalConditional approval of the option has been received from the TSX Venture Exchange. Final approval is subject to San Marco satisfying a number of conditions, including filing or obtaining the following:Geological report: Dr. David G. Bailey, P. Geo has been commissioned to prepare an NI 43-101 report on the property. He has significant experience with the property and previous exploration carried out on it. The report is expected to be received in August at which time it will be provided to the Exchange for approval. Financial plan: San Marco believes it has sufficient cash on hand to carry out the work program on the Property expected to be recommended in the NI 43-101 report and the maintenance costs on the Property for six months following the receipt of Exchange approval. Confirmation of same will be filed with the Exchange. Title Opini...

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