Roughrider Receives Exchange Approval for Empire Mine Property Option Agreement
Roughrider Receives Exchange Approval for
Empire Mine Property Option Agreement
TSX.V: REL
VANCOUVER, BC
,
Oct. 8, 2020
/CNW/ -
Roughrider Exploration Limited
(TSX-V: REL)
("Roughrider" or the "Company")
is pleased to announce it has received final approval from the
TSX Venture Exchange (the "TSX-V") for the Empire Mine property transaction ("
Empire Option
Agreement
"), which was previously announced on
September 24, 2020
.
Pursuant to the terms of the Empire Option Agreement, Roughrider can acquire a 100% interest in
the Empire Mine property from Mirva Properties Ltd. (the "
Optionor
") by making aggregate cash
payments of
$1,250,000
, issuing 3,000,000 common shares of the Company and undertaking work
commitments totaling
$2,000,000
over a five year period.
Roughrider has made an initial cash payment of
$50,000
and has issued 200,000 common shares of
the Company to the Optionor, the shares of which will be subject to a hold period expiring four
months and one day from the date of issuance.
The Optionor will retain a 2% Net Smelter Return ("
NSR
") royalty on the Empire Mine property of
which 1% may be purchased for
$1,000,000
at any time up to 120 days after commencement of
commercial production. The Empire Option Agreement has been structured such that this NSR
royalty plus all other NSR royalties which may currently exist and be payable on the Empire Mine
property do not exceed in aggregate 2.5% before buydowns.
About Roughrider Exploration Limited
Roughrider's current exploration focus is on the Empire Mine property located on Northern
Vancouver Island, B.C. and covers three past-producing open pit mines and two past-producing
underground mines that produced iron, copper, gold and silver. Roughrider's other properties include
its 100% owned
Eldorado
, Gin and Bonanza properties located in the Golden Triangle of northern
B.C. which are adjacent to the Red Chris Mine as well as its 100% Sterling property which is located
in central B.C. Roughrider management also continuously reviews strategic precious metals
opportunities in western
North America
.
On Behalf of the Board of Directors:
"Adam Travis"
Adam Travis
, Chief Executive Officer and Director
Neither 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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain information contained or incorporated by reference in this press release, including any
information
regarding the proposed Transaction, private placement, board and management
changes,
as to
our strategy, projects, plans or future financial or operating performance, constitutes
"forward-looking statements." All statements, other than statements of historical fact, are to be
considered forward-looking statements. Forward-looking statements are necessarily based on a
number of estimates and assumptions that, while considered reasonable by Roughrider, are
inherently subject to significant business, economic, geological and competitive uncertainties and
contingencies. Although Roughrider believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not guarantees of future
performance. Known and unknown factors could cause actual results to differ materially from those
projected in the forward-looking statements. Such factors include but are not limited to: fluctuations
in market prices, exploration and exploitation successes, continued availability of capital and
financing, changes in national and local government legislation, taxation, controls, regulations,
expropriation or nationalization of property and general political, economic, market or business
conditions. Many of these uncertainties and contingencies can affect our actual results and could
cause actual results to differ materially from those expressed or implied in any forward-looking
statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements
are not guarantees of future performance and, therefore, readers are advised to rely on their own
evaluation of such uncertainties. All of the forward-looking statements made in this press release,
or incorporated by reference, are qualified by these cautionary statements. We do not assume any
obligation to update any forward-looking statements.
SOURCE
Roughrider Exploration Limited
View original content:
http://www.newswire.ca/en/releases/archive/October2020/08/c6289.html
%SEDAR: 00032945E
For further information:
Adam Travis, CEO, Roughrider Exploration Limited, 625 Howe Street,
Suite 420, Vancouver, B.C. V6C 2T6, Canada, P: 250-878-7554, E:
CO: Roughrider Exploration Limited
CNW 17:05e 08-OCT-20