Transatlantic Mining Announces Lease and Option Agreement and Appointment of New Director
January 22nd 2016 TSX Venture Exchange
Trading Symbol: TCO
Vancouver, British Columbia
Transatlantic Mining Corp (TSX.V: TCO) (the “Company”) is pleased to announce the following:
Lease and Option of US Grant Mine
The Company has entered into a lease and exclusive option agreement to operate and potentially purchase the US Grant Mine at Virginia City, Montana.
Under the transaction the Company:
- Pays $50,000 USD to lease the property for 4 months. During this time, the Company will conduct appropriate due diligence to determine the potential of the property.
- After 4 months, the Company may elect to either purchase the property on the terms below, or elect to lease the property for up to an additional 12 months at the rate of $25,000 USD per month. The Company is entitled to any of the production or toll treating from the project during the lease period.
- After the initial four-month lease or at any time during the subsequent 12-month lease, if the Company exercises that right, the Company may exercise the option to purchase the mine, mill and all of the associated equipment, permits and rights comprising the US Grant Mine. Under the purchase, the Company will pay a total of $6,000,000 USD over three years, or earlier at the Company’s election. Payments are due and payable with reference to the date that the property is conveyed to the Company following the Company giving notice of exercise to the vendor (the “Closing Date”), as follows:
- $2,000,000 USD less all lease payments on the Closing Date
- $2,000,000 USD on or before the first anniversary of the Closing Date
- $2,000,000 USD on or before the second anniversary of the Closing Date.
The US Grant Mine is an historical mining site with the original discovery of gold in Montana occurring May 22 1863 on the site, and is named after President Ulysses S. Grant who signed into law the General Ming Act of 1872. The original mining licence for the property was signed by President Benjamin Harrison in 1889.
The US Grant Mine property includes the fully permitted and grandfathered mill. The property includes several known high grade gold and silver veins which the Company intends to evaluate in the coming months.
Transatlantic Mining Corp. | Suite 800 | 1199 West Hastings Street | Vancouver | Canada V6E 3T5 T 604-424 8257 | F 604-357 1139| www.transatlanticminingcorp.com CEO Rob Tindall said ‘We are very excited to be commencing work on what is a truly historical mining project with significant exploration and mining potential. We see this project adding significant synergies to our nearby Monitor / Richmond project and look forward to further evaluating both projects in the coming year’.
The transaction is subject to TSX Venture Exchange approval.
Appointment of New Director
Michael Hulmes was appointed to the Company’s Board of Directors at the Annual General Meeting held December 8, 2015. Mr. Hulmes is a mining executive with over 30 years’ experience in international underground and open pit mining operations. Until 2014 he was the Managing Director, Iberian Operations, for Lundin Mining Corporation, a position that he held from 2012. From 2009 to 2012 he served as the General Manager, Operations, for OK Tedi Mining Limited, operating the OK Tedi Mine in Papua New Guinea. Mr. Hulmes has also been appointed to the Company’s Audit Committee.
About Transatlantic Mining Corp.
Transatlantic Mining Corp. is a mineral exploration company focused on becoming the next high grade metal producer. The Company’s holdings include an option to earn an 80% interest in AMCOR’s Monitor Copper, Gold and Silver project in the Coeur D’Alene Mining District in Idaho.
For further information contact Rob Tindall at (+61 457 999 094).
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.
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