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Currie Rose Resources Announces Option Deal On Historic Rossland Gold Project, British Columbia
TORONTO, April 13, 2018 (GLOBE NEWSWIRE) -- Currie Rose Resources Inc. (TSXV:CUI) ("Currie Rose" or the "Company") is pleased to announce that the Company has s
About this update from Velox Energy Materials Inc
[{"type":"text","content":"TORONTO, April 13, 2018 (GLOBE NEWSWIRE) -- Currie Rose Resources Inc. (TSXV:CUI) (\"Currie Rose\" or the \"Company\") is pleased to announce that the Company has secured two Option Agreements over the Rossland Project (the “Project”) which together, cover approximately 2,000 Ha of the Rossland Mining Camp that produced more than 2.7 million ounces of gold, 3.5 million ounces of silver and 71 tonnes of copper between 1894 and 1941 and ranks as the third largest lode gold camp in British Columbia. The Company is working through the extensive historical data and work to date has identified over 8 priority targets for immediate exploration evaluation noting that historical mining activities in the area ceased for reasons other than an absence of mineralization. Under the terms of the Agreements, which are subject to TSX Venture Exchange approval, Currie Rose has the right to acquire 100% of the Rossland Project from two private companies (0704723 BC Ltd and 0811662 BC Ltd) via a 3-stage option: Stage 1 – 12 months Upfront payment of $50,000 and issue of 1m Currie Rose shares for each company; Minimum expenditure of $500,000 for each company; Investment by Currie beyond the first year, will be contingent on positive results. Stage 2 – 12-24 months Payment of $75,000 and issue 1.5m Currie Rose shares for each company; Minimum expenditure of $750,000 for each company. Stage 3 - 24-48 months Funding and completing a Feasibility Study - one study to apply to both companies; Payment of $100,000 and issue 2m Currie Rose shares on the 3rd anniversary (per company); Payment of $100,000 and issue 2m Currie Rose shares on the 4th anniversary (per company). On completion of the Feasibility study or the payment obligations, the Company will own 100% of the Project and will grant separately, to each company, a 2% Net Smelter Return (NSR) with Currie Rose having an option to purchase from each company one-half (1%) of the NSR for payment of $1m. Michael Griffiths, Currie’s President and CEO, commented; “The Rossland Project covers a large proportion of the Rossland Mining Camp which surrounds the former Le Roi, War Eagle and Centre Star Gold mines. This is an advanced brownfields play with little modern exploration having been undertaken due to previous fragmented ownership. The Company recognises the potential both along strike from the fo...