StraightUp Resources Inc. Secures Right of Exclusivity with Premier Silver Corp.
5500 Wharf Avenue, #207, Box 609, Sechelt, British Columbia V0N 3A0
CSE: ST
OTCQB: STUPF For Immediate Release
StraightUp Resources Inc. Secures
Right of Exclusivity with Premier Silver Corp.
VANCOUVER, British Columbia, Oct. 26, 2021 -- via InvestorWire -- StraightUp Resources Inc.
(CSE: ST) (OTCQB: STUPF) ("StraightUp" or the “Company”) is pleased to announce that it
has entered into a right of exclusivity agreement (the “ROE”) with Premier Silver Corp. (“Premier”
or “PSC”).
The ROE with Premier provides that the Company and Premier will exclusively negotiate an
agreement for a period of 60 days, whereby StraightUp will acquire all of the outstanding shares of
Premier from the current shareholders.
Premier Silver Corp. was formed by a group with a combined 100-plus years of experience in the
junior mining industry, raising in excess of $700 million in capital and creating more than $1 billion
in shareholder value.
In evaluating commodities of preference and exposure in public markets, PSC isolated its focus to
primary-silver projects globally and, in 2020, concluded commercial discussions with NYSE-listed
Buenaventura (NYSE: BVN, market capitalisation in excess of $1.5 billion) and completed the
acquisition of one of the largest silver mining land packages in Peru with over US$120 million in
capitalised expenditures: the Mallay Mine & Processing Plant and associated exploration and
development assets, referred to as “Mallay.”
Duncan Gordon, founder and chairman of Premier Silver Corp. commented:
“Having experienced a number of cycles in the commodities and mining business and raised in
excess of $500 million for transactions in the space, Premier Silver was created to identify and
acquire a de-risked project that provided shareholders access to one of the most undervalued
commodities in the world, silver. To compound the lack of value attributable to silver as a
commodity, global markets have limited access to companies building assets where silver forms
the primary product in mining the material, given its substantial supply as a mining byproduct.
“Mallay has been developed, capitalised and permitted by a multibillion-dollar, globally recognised
mining company in Buenaventura (NYSE: BVN), a company that adheres to the highest of
industry standards. The opportunity to acquire such an asset that provides this level of depth in
optionality, as the market begins to aggressively search for projects quick to cash flow with district
scale mineral discoveries in a recognised silver district, puts Premier Silver in a unique position to
provide the market leveraged exposure to the silver industry. This demand has been
demonstrated in Premier Silver raising in excess of $10 million in private funding to date.
“I look forward to continuing our discussions with StraightUp in progressing due diligence and
potential corporate transactions.”
The Mallay mine is located just four to five hours’ drive north of Lima, 50 minutes from the town of
Churin and 3 kilometers from the community of Mallay. The 10,562.4-hectare Tres Cerros Au-Ag
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Project, Mallay Mine and processing plant are 100% owned by Premier Silver Corp. and are
currently in care and maintenance mode. Premier Silver intends to conduct a thorough review of
the resource base and existing mine development with a plan to bring the historical resources and
reserves into current estimate status under National Instrument 43-101 and create a new mine
plan that will incorporate bulk tonnage underground mining methods. This will, in turn, lead to
lower mining costs and potentially greater output.
The Mallay plant is an important asset of the Mallay Property, since Premier plans to provide
processing services to other mining operations in the region. The plant was constructed in 2010-
2011 for a reported cost of US$128 million.
Right to Exclusivity Agreement (“ROE”)
The Company has entered an ROE, securing 60 days of exclusivity over Premier Silver and its
underlying assets. The purpose of this period shall be to complete further due diligence on the
project(s) and the company and to negotiate the terms of a definitive purchase agreement with
Premier Silver.
StraightUp’s board of directors provides no assurance that the ROE will result in a corporate
transaction with Premier Silver Corp.
StraightUp’s President and CEO, Mr. Mark Brezer, said, “Premier Silver is a turnkey operation
while providing an opportunity for further exploration. StraightUp has again positioned itself among
major mining companies and their projects. Taking a stake in a country that contains more silver
resources than any other country and is ranked second in the world for production gives us a shot
at tremendous upside potential, especially if we see a strong decade ahead for metals. We are
optimistic our companies can synchronize to mutually benefit one another and shareholders alike.”
About StraightUp Resources
StraightUp is engaged in the business of mineral exploration and the acquisition of mineral property
assets in Canada. Its objective is to locate and develop economic, precious and base metal
properties of merit. StraightUp intends to conduct exploration on the RLX North, RLX South,
Belanger and the Ferdinand Gold Property, all located in the Red Lake Mining Division, as well as
the recently acquired Bear Head Gold Project, located within the Meen-Dempster Greenstone Belt
of the Uchi Subprovince, approximately 80km w est of the Pickle Lake Gold Camp. The Company’s
newest acquisition, the West Cat Mine, includes an unpatented lode mining claim on federal land
in the historic Beatty Mountain Nevada Mining District in Nye County, Nevada. The West Cat Mine
is part of a 20.66-acre land package discovered in the early years of the Bullfrog mining boom and
provides an area ready for large scale operations to come.
On Behalf of the Board of Directors
Mark Brezer Chief Executive Officer, President and Director
For further information, please contact:
Mark Brezer
Chief Executive Officer, President and Director
(604) 989-6275
Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts
responsibility for the adequacy or accuracy of this release).