X-Terra Resources provides an update on its option to acquire a 70% interest in mining properties located in New Brunswick
X-Terra Resources provides an update on its
option to acquire a 70% interest in mining
properties located in New Brunswick
ROUYN-NORANDA, QC
, April 22, 2019 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT) and
(FRANKFURT: XTR) is pleased to announce it has received conditional approval from the TSX
Venture Exchange for its previously announced transaction to acquire from NB Gold Inc. a 70%
interest in the Grog property and Northwest property (which is comprised of the Rim, Dome and
Bonanza properties) located in
New Brunswick
(collectively, the "Properties"). The 70% interest in
the Properties will be acquired by the Corporation pursuant to two amended and restated
exploration and option agreements dated February 1, 2019, as amended, between the Corporation
and NB Gold Inc. (collectively, the "Agreements") (see the Corporation's press release dated
February 4, 2019
). The Corporation expects to complete shortly the initial closing of its option under
the Agreements.
"While this transaction took longer than most to materialize, the Corporation is extremely pleased
with the outcome and looks forward to the upcoming exploration season for the Grog and Northwest
properties" stated
Michael Ferreira
, President and Chief Executive Officer of X-Terra Resources.
"I am extremely happy to be concluding this transaction with X-Terra Resources. Their team has
worked incredibly hard throughout the past year in order to identify and showcase the opportunity
the Grog and Northwest properties will provide for its shareholders as well as the shareholders of
NB Gold." Stated
Jimmy Gravel
, President of NB Gold Inc.
The Corporation has been planning and continues to plan for the upcoming exploration season slated
to debut as soon as possible.
In other news, the Corporation has decided to withdraw from its option to acquire a 60% interest in
the Veronneau property and will maintain its already acquired 10% interest in the property. This was
a very difficult decision but given the context of the market and the exploration challenges presented
at the Veronneau property, the Corporation decided it was in its best interest to focus its efforts on
its existing portfolio of projects, including its Troilus East, Ducran and its newly optioned Properties
in
New Brunswick
.
About X-Terra Resources Inc.
X-Terra Resources is a resource company focused on acquiring and exploring precious metals and
energy properties in
Canada
. X-Terra Resources currently has 35,731,721 common shares issued
and outstanding.
Forward-Looking Statements
This news release contains statements that may constitute "forward-looking information" within the
meaning of applicable Canadian securities legislation. Forward-looking information may include,
among others, statements regarding the future plans, costs, objectives or performance of the
Corporation, or the assumptions underlying any of the foregoing. In this news release, words such
as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate"
and similar words and the negative form thereof are used to identify forward-looking statements.
Forward-looking statements should not be read as guarantees of future performance or results, and
will not necessarily be accurate indications of whether, or the times at or by which, such future
performance will be achieved. No assurance can be given that any events anticipated by the
forward-looking information will transpire or occur, including the acquisition of the Properties, the
development of the Properties, or if any of them do so, what benefits the Corporation will derive
from the Properties. Forward-looking information is based on information available at the time
and/or management's good-faith belief with respect to future events and are subject to known or
unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are
beyond the Corporation's control. These risks, uncertainties and assumptions include, but are not
limited to, those described under "Financial Instruments" and "Risk and Uncertainties" in the
Corporation's Annual Report for the fiscal year ended December 31, 2017, a copy of which is
available on SEDAR at
www.sedar.com
, and could cause actual events or results to differ materially
from those projected in any forward-looking statements. The Corporation does not intend, nor does
the Corporation undertake any obligation, to update or revise any forward-looking information
contained in this news release to reflect subsequent information, events or circumstances or
otherwise, except if required by applicable laws.
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
the release.
SOURCE
X-Terra Resources Inc.
View original content:
http://www.newswire.ca/en/releases/archive/April2019/22/c9295.html
%SEDAR: 00035962E
For further information:
X-Terra Resources Inc., Mr. Michael Ferreira, President & Chief
Executive Officer, 139 Québec Avenue, Suite 202, Rouyn-Noranda, Québec, J9X 6M8, Telephone:
819-762-4101 | Fax: 819-762-0097, E-mail: [email protected], Website:
www.xterraresources.com
CO: X-Terra Resources Inc.
CNW 08:00e 22-APR-19