Crystal Lake gets approval for option agreement for Newmont Lake project
February 25, 2019
News release
Crystal Lake gets approval for option agreement for Newmont Lake project
Crystal Lake Mining Corp (TSXV:CLM)
The TSX Venture Exchange has accepted for filing a mineral property option agreement
dated for reference Nov. 29, 2018, between Crystal Lake Mining Corp. and Romios Gold
Resources Inc. The option agreement was approved on February 22, 2019. Under the
agreement, Romios has agreed to grant Crystal Lake an option to acquire up to a 100 -per-
cent interest in the Newmont Lake project located in British Columbia.
In order to exercise the option Crystal Lake must:
• Complete $8-million in exploration expenditures on the Newmont Lake project over
the next three years ($3-million in the first year and $2.5-million in each the second
and third years);
• Pay $2-million in cash to Romios as follows: $250,000 on signing of agreement
(paid) and a further $250,000 payable on each of 90 days, 180 days and 270 days
following exchange approval of the transaction, with a final $1-million payment upon
Crystal Lake earning its 100-per-cent interest in the Newmont Lake project;
• Issue a total of 12 million common shares of Crystal Lake to Romios over a three-
year period as to four million each year, with the first four million shares to be issued
following exchange approval of the transaction. The Company is issuing the first
tranche of 4,000,000 shares to Romios having a legend of a six month hold period
on the first 1,000,000 shares and a twelve month hold period on the balance of
3,000,000 shares.
Romios will retain a 2-per-cent net smelter return royalty on the Newmont Lake project, or
on any after acquired claims within a five-kilometre radius of the current boundary of the
project, which may be reduced at any time to a 1-per-cent NSR on the payment of $2-
million by Crystal Lake per 0.5 per cent of the NSR.
Crystal Lake will issue two million shares to Romios in the event that a National Instrument
43-101 technical report on the Newmont Lake project contains a resource estimate which
exceeds one million ounces of gold equivalent resources (being the sum of indicated and
inferred). Crystal Lake will issue an additional one million shares to Romios for each full one
million additional ounces of gold equivalent resources so documented in a National
Instrument 43-101 technical report on the Newmont Lake project.
About the Company
Crystal Lake Mining Corporation is a mineral exploration/Development company focused on creating value through
the exploration and development of its British Columbia and Ontario mineral properties.
For further information please contact:
MarketSmart Communications Inc.
Tel: +1 (604) 261-4466
Toll free: 1-877- 261-4466
Email: [email protected]
Momentum PR
Tel: +1 (514) 815-7473
Email: [email protected]
On behalf of The Board of Directors of Crystal Lake Mining Corporation.
Richard Savage CEO/President
This news release contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the
control of Crystal Lake Mining Corporation which may cause actual results, performance or achievements of Crystal Lake Mining Corporation on
to be materially different from the results, performance or expectation implied by these forward looking statements.
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 press release, which has been prepared by management..