Apex Resources Inc. Acquires Red Ridge Property, Yukon
Suite 2000 – 1066 West Hastings Street Vancouver, B.C. V6E 3X2 www.apxresources.com
September 9, 2016 TSX Venture Exchange Symbol: APX
Apex Resources Inc. Acquires Red Ridge Property, Yukon
Vancouver, BC – September 9, 2016: Apex Resources Inc. (TSX-V: APX; "the Company, "Apex") is pleased to announce it has entered into an option agreement (the "Agreement") with Brian Scott and Carol Bratvol (the "Optionors"), which gives Apex the right to earn a 100% undivided interest in the Red Ridge Property, Whitehorse Mining District, Yukon.
The Property is located approximately 40 kilometres south of Whitehorse, Yukon and consists of 30 mineral claims covering approximately 530 hectares. The property hosts widespread precious and base metal mineralization, centred over a prominent gossanous ridge. Previous exploration identified eight mineralized zones (Western, Miller, Saddle, Don, Vance, East, Moly and North Slope). Mineralization is diverse, and includes sulfide-bearing quartz veins and shear zones, quartz and carbonate stockwork zones and mineralized zones of silicified argillic altered granodiorite. Historic assay results from reconnaissance programs conducted in 2007 returned best values of 8,662 g/t Ag, and 2.144% Cu from chip samples collected at the East zone, and 3,387 g/t Ag, 4.12 g/t Au and 63.70% Pb from a grab sample collected at the Saddle zone (Prize Mining Corporation News Release, November 29, 2007).
Pursuant to the Agreement, Apex Minerals Inc. can exercise the option by paying an aggregate of $150,000 to the Optionors, issuing an aggregate of 500,000 common shares in the capital of the Company, and incurring an aggregate of $430,000 of exploration expenditures as follows:
| CASH PAYMENTS | SHARES | WORK COMMITMENT | |
|---|---|---|---|
| Upon Signing | $5,000 | ||
| Upon Regulatory Approval | $5,000 | 50,000 | |
| 1st Anniversary | $20,000 | 50,000 | $30,000 |
| 2nd Anniversary | $30,000 | 100,000 | $75,000 |
| 3rd Anniversary | $40,000 | 100,000 | $125,000 |
| 4th Anniversary | $50,000 | 200,000 | $200,000 |
| TOTAL | $150,000 | 500,000 | $430,000 |
The Optionors are entitled to receive a 2% NSR, half of which can be purchased within 90 days after Commencement of Commercial Production by the Company for $1,000,000.
The Option Agreement is subject to acceptance by the TSX Venture Exchange.
Linda Dandy, P.Geo. is the Qualified Person under National Instrument 43-101 who has reviewed and approved the technical information contained in this news release.
For further information on the Company's projects, visit www.apxresources.com.
Arthur G. Troup, P.Eng., Geological
President and CEO
For further information please contact:
Marc Lee, Investor and Corporate Communications Tel: (604) 628-0519 Fax: (604) 628-0446 Email: [email protected] or [email protected]
This release was prepared by Apex's management. Neither TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release includes certain statements that may be deemed "forward-looking statements." All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that Apex expects are forward- looking statements. Although Apex believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward- looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on Apex, investors should review Apex's filings that are available at www.sedar.com or Apex's website at www.apxresources.com.