Finlay reports on the ATTY Property and the Serengeti option agreement
Finlay reports on the ATTY Property and the Serengeti option
agreement
VANCOUVER
,
Oct. 3, 2018
/CNW/ -
Finlay Minerals Ltd. (TSXV: FYL)
(the "Company") reports that Serengeti Resources Inc.
("Serengeti") has fulfilled the first year financial and work obligations in regards to the option agreement of its ATTY Property.
The option agreement, which was entered into in March, 2018 (Reference: Finlay NR 01-18 dated
March 5, 2018
), has an 8 year term with
the first year being binding for Serengeti with payments of shares and/or cash of
$50,000
and
$300,000
of work conducted on the ATTY.
The results of the
$300,000
of field work conducted by Serengeti on the ATTY identified 4 drill targets - one of which had already been
discovered and/or indicated through the Company's 2007 Titan IP geophysical survey.
The Company confirms that, per the option agreement, ownership of the ATTY Property does not get transferred unless and until such time
as all the financial consideration of
$1.85 million
and work commitments of
$12 million
have been met by Serengeti.
For further information on Serengeti's 2018 work on the ATTY, refer to Serengeti's news release at:
www.serengetiresources.com/news/2018/serengeti-resources-outlines-drill-targets-at-atty-gold-copper-project-north-central-british-columbia/
About Finlay Minerals Ltd.
Finlay is a TSX Venture Exchange company focused on exploration for base and precious metal deposits in northern
British Columbia
. The
Company's properties include:
the
Silver Hope
which includes porphyry copper-molybdenum mineralization discovered in 2010, along with three silver-copper
mineralized zones, in a contiguous trend with the mined-out deposits of the former Equity Silver Mines (71 million oz. silver, 185 million
lbs. copper and 508,000 oz. gold;
Reference:
http://minfile.gov.bc.ca/Summary.aspx?minfilno=093L++001
).
The Silver Hope Property
surrounds the former Equity Silver Mine;
the
ATTY
which is contiguous to the north side of the Kemess East deposit and adjacent to the Kemess Underground deposit of
Centerra Gold Inc. and which was recently optioned to Serengeti Resources (Finlay NR 01-18 dated
March 5, 2018
), and
the
PIL
Property which is adjacent to Sable Resource's Baker Mine.
Finlay Minerals Ltd. trades under the symbol "FYL" on the TSX Venture Exchange. For further information and details please visit the
Company's website at
www.finlayminerals.com
.
On behalf of the Board of Directors,
Robert F. Brown
, P.Eng.
President & CEO
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 this release.
Forward-Looking Information:
This news release includes certain "forward-looking information" and "forward-looking statements"
(collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news
release that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking
statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan",
"anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "estimate", "intend" or "believe" and similar expressions or
their negative connotations, or that events or conditions "will", "would", "may", "could", "should" or "might" occur. All such forward-looking
statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking
statements in this news release include statements regarding, among others, the exploration plans for the ATTY Property. Although Finlay
believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results or developments may differ materially from those forward-looking statements.
Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration
successes, and continued availability of capital and financing and general economic, market or business conditions. These forward-
looking statements are based on a number of assumptions including, among other things, assumptions regarding general
business and
economic conditions, the timing and receipt of regulatory and governmental approvals, the ability of Finlay and other parties to satisfy
stock exchange and other regulatory requirements in a timely manner, the availability of financing for Finlay's proposed transactions and
programs on reasonable terms, and the ability of third party service providers to deliver services in a timely manner. Investors are
cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially
from those projected in the forward-looking statements. Finlay does not assume any obligation to update or revise its forward-looking
statements, whether as a result of new information, future or otherwise, except as required by applicable law.
SOURCE
Finlay Minerals Ltd.
View original content:
http://www.newswire.ca/en/releases/archive/October2018/03/c3798.html
%SEDAR: 00018019E
For further information:
Finlay Minerals Ltd., John Barakso, Chairman of the Board, Tel: 604-684-3099, [email protected]
CO: Finlay Minerals Ltd.
CNW 08:30e 03-OCT-18