Delta Resources Grants Yorkton Ventures an Extension until
Delta Resources Grants Yorkton Ventures an Extension until April 20, 2020 to complete its Due
Diligence on the Sale of its Bellechasse-Timmins Property
Yorkton paid $10,000 for extension of exclusivity right.
Terms of the agreement remain unchanged at $1.7M.
Wednesday April 1 st, 2020 / Kingston, ON / Accesswire . Delta Resources Limited (“Delta”) (DLTA:TSX-V) has
granted an extension to Yorkton Ventures Inc. (“Yorkton”) in regards to the Letter of Intent (“LOI”) signed by both
parties on January 14, 2020 for the sale of its int erest in the Bellechasse-Timmins property (the “Pro perty”) and
associated claims in southeastern Quebec for $1,700 ,000. As per an amendment agreement signed on Mar ch
31, 2020 by both parties, Yorkton will now have until April 20 th , 2020 to complete its due diligence on the property.
During this time, Yorkton will preserve its exclusive rights to acquire the property in exchange for a non-refundable
cash payment of C$10,000.00 which has already been received by Delta. Yorkton will also assume all additional
costs for the due diligence work. All other terms of the LOI signed on January 14, 2020, remain the same.
The agreement is subject to Yorkton completing a legal, technical and environmental due diligence on the Property.
If the due diligence is not satisfactory to Yorkton at its sole discretion, they shall have the right to terminate the
LOI.
Proposed Terms of the Agreement:
To acquire a 100% interest in the Property, Yorkton will:
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
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 I% NSR on any and all commercial production of
gold. Yorkton may re-purchase 0.5% of the NSR for $1 Million at anytime.
The parties agree to negotiate, in good faith, a fo rmal agreement with respect to the transaction (the
"Definitive Agreement"), together with such other documentation 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 Eureka Gold Discovery in the Thunder Bay area and
on October 16 th , 2019, the acquisition of the Delta-2 Property whi ch 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 Can ada 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 while evaluating the long-term potential of its 100% owned Bellecha sse-
Timmins gold deposit in southeastern Quebec.
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 Exchange) accept s responsibility for the adequacy or accuracy of th is release.
The TSX Venture Exchange has not approved nor disapproved of the information contained herein.
For Further Information:
Delta Resources Limited
Frank Candido, 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 forwar d-looking terminology such as "plans",
"expects", "is expected", "budget", "scheduled", "e stimates", "forecasts", "intends", "anticipates", " believes" or variations of such words and
phrases (including negative or grammatical variations) or statements that certain actions, events or results "may", "could", "would", "might" or
"will be taken", "occur" or "be achieved" or the ne gative connotation thereof. Investors are cautioned that forward-looking information is
inherently uncertain and involves risks, assumption s and uncertainties that could cause actual facts t o differ materially. There can be no
assurance that future developments affecting the Co mpany will be those anticipated by management. The forward-looking information
contained in this press release constitutes managem ent's current estimates, as of the date of this pre ss 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.