Delta and Yorkton Begin Drafting Definitive Agreement ON the Sale of the Bellechasse-Timmins Property
DELTA AND YORKTON BEGIN DRAFTING DEFINITIVE AGREEMENT ON THE
SALE OF THE BELLECHASSE-TIMMINS PROPERTY
Tuesday, April 28, 2020 / Kingston, ON / Accesswire . Delta Resources Limited (“Delta” or “the
Company”) (DLTA:TSX-V) is pleased to announce that it has received notice from Yorkton Ventures
(“Yorkton”) that Yorkton will begin drafting the definitive agreement for the sale of Delta’s interest in the
Bellechasse-Timmins property (the "Property") and a ssociated claims in southeastern Quebec for
$1,700,000.
As per the terms agreed upon in the LOI signed on March 31, 2020 by both parties, Yorkton has 15 days
beginning on April 21, 2020 to provide Delta with a draft definitive agreement. Also contemplated by the
LOI, Yorkton has requested an additional 15 day delay (starting May 5 th , 2020) to complete and finalize
the definitive agreement, which Delta has granted. Yorkton is concurrently completing its final due
diligence.
Proposed Terms of the Agreement:
To acquire a 100% interest in the Property, Yorkton must:
Make a $100,000 cash payment within 10 days of sig ning of a definitive agreement,
Make a $250,000 cash payment within 90 days after signing of a definitive agreement,
Make a $350,000 cash payment within 180 days after signing of a definitive agreement,
Make a $450,000 cash payment within 270 days after signing of a definitive agreement, and
Make a $550,000 cash payment within 360 days after signing of a definitive agreement
Yorkton will also commit to paying Delta a gold royalty of 1% NSR on any and all commercial production
of gold on the Property. Yorkton may re-purchase 0.5% of the NSR for $1 million at anytime.
The parties agreed to negotiate, in good faith, a f ormal agreement with respect to the transaction (th e
"Definitive Agreement"), together with such other d ocumentation as is normally entered into in
commercial transactions of this nature.
The LOI and the transaction are subject to:
(i) Satisfactory completion of the due diligence on the Property by the purchasers;
(ii) All required corporate and regulatory approvals having been obtained; and
(iii) Execution of the Definitive Agreement.
About Delta Resources Limited
Delta Resources Limited is a Canadian mineral explo ration company focused on growing shareholder value
through the acquisition of high-potential gold and base-metal projects in Canada, exploring these proj ects with
state-of-the-art methods, and potentially developing these projects into mines.
On October 3 rd , 2019, Delta announced the acquisition of the Eure ka Gold Discovery in the Thunder Bay area
(Delta-1) and on October 16 th , 2019, the acquisition of the Delta-2 Property which hosts the R-14 Gold Prospect
in the Chibougamau Mining District of Quebec.
Delta also owns a 100% interest in the Bellechasse-Timmins gold deposit in southeastern Quebec, Canada which
contains a 43-101 gold resource of 171,000 ounces at an average grade of 1.83 g/t gold in the indicated category
and an additional 95,000 ounces at an average grade of 1.36 g/t gold in the inferred category (SGS Canada Inc.,
Bellechasse-Timmins Property Resource Estimate, Southeastern Quebec, August 1, 2012).
The Company’s focus is currently to build a strong portfolio of mineral exploration properties with a high potential
for economic discoveries in Canada.
ON BEHALF OF THE BOARD OF DELTA RESOURCES LIMITED.
Andre C. Tessier
President, CEO and Director
www.deltaresources.ca
We seek safe harbor. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Excha nge) accepts responsibility for the adequacy or
accuracy of this release. The TSX Venture Exchange has not approved nor disapproved of the
information contained herein.
For Further Information:
Delta Resources Limited
Frank Candido, Chairman, VP Corporate Communications
Tel: 514-969-5530
or
Andre Tessier, CEO and President
Tel: 613-328-1581
Cautionary Note Regarding Forward Looking Information
Some statements contained in this news release are " "forward looking information" within the meaning of Canadian
securities laws. Forward looking information include, but are not limited to, statements regarding the use of proceeds
of the non-brokered private placement and payment of the debt settlements. Generally, forward-looking information
can be identified by the use of forward-looking ter minology such as "plans", "expects", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", " anticipates", "believes" or variations of such word s and phrases
(including negative or grammatical variations) or s tatements that certain actions, events or results " may", "could",
"would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Inv estors are
cautioned that forward-looking information is inherently uncertain and involves risks, assumptions and uncertainties
that could cause actual facts to differ materially. There can be no assurance that future developments affecting the
Company will be those anticipated by management. The forward-looking information contained in this press release
constitutes management's current estimates, as of the date of this press release, with respect to the matters covered
thereby. We expect that these estimates will change as new information is received. While we may elect to update
these estimates at any time, we do not undertake to update any estimate at any particular time or in response to any
particular event, except as required by securities laws .