GSP Resource Corp. Provides Update ON the Olivine Mountain Option to Full Metal Minerals Ltd.
GSP RESOURCE CORP. PROVIDES UPDATE ON THE OLIVINE MOUNTAIN OPTION
TO FULL METAL MINERALS LTD.
News Release - Vancouver, British Columbia – July 29, 2020: GSP Resource Corp. ( TSX-V:
GSPR) (the “ Company” or “ GSP”) announces that the previously announced agreement (the
“Agreement”) pursuant to which Full Metal has the option (the "Option") to earn a 60% interest in
GSP’s Olivine Mountain property in the Similkameen Mining Division, British Columbia (the
“Property”) is proceeding and subject to final TSX Venture Exchange approval.
GSP holds an option in good standing to acquire a 100% right, title and interest in and to the Property
pursuant to the terms of an option agreement dated February 23, 2018 (as amended October 17, 2019
and December 24, 2019) between Platinum Belt Resources Inc. (the “Optionor”) and GSP (the
“Underlying Agreement ”). Pursuant to the Agreement, GSP covenants to duly complete the
exercise of its option pursuant to the Underlying Agreement 1. The remaining option payment
required to be made by GSP pursuant to the Underlying Agreement is $25,000. The Optionor retains
a 2% net smelter returns royalty pursuant to the Underlying Agreement, that may be purchased down
for $1,000,000 per each 1%.
The Option may be exercised by Full Metal (i) incurring exploration expenditures of $500,000
including a minimum $75,000 within 12 months following the date (the “Acceptance Date”) upon
which the Agreement is accepted by the TSX Venture Exchange; (ii) making cash payments totaling
$500,000 ($80,000 (previously was $75,000) within 12 months of the Acceptance Date); and (iii)
issuing 250,000 common shares of Full Metal (70,000 within 12 months of the Acceptance Date),
over the four-year Option term.
GSP will be the operator for exploration programs determined by Full Metal. A 10% operator fee
will count towards the required exploration expenditures. Following the exercise of the Option, Full
Metal and GSP will continue under a joint venture with Full Metal holding a 60% interest and GSP
holding a 40% interest.
About GSP Resource Corp.: GSP Resource Corp. is a mineral exploration & development company
focused on projects located in Southwestern British Columbia. The Company has an option to
acquire a 100% interest and title to the Alwin Mine Copper-Gold-Silver Property in the Kamloops
Mining Division, as well as an option to acquire 100% interest and title to the Olivine Mountain
Property in the Similkameen Mining Division.
Contact Information - For more information, please contact:
Simon Dyakowski, Chief Executive Officer & Director
Tel: (604) 619-7469
Email: [email protected]
1 See GSP Resource Corp.’s SEDAR profile at www.sedar.com for a summary of the remaining payment terms owing
to the Optionor.
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 contains “forward‐looking information or statements” within the meaning of applicable securities laws,
which may include, without limitation, future exploration work on the Company’s projects , obtaining final TSXV
approval of the option agreement with Full Metal Minerals Ltd. , other statements relating to the technical, financial and
business prospects of the Company, its projects and other matters . All statements in this news release, other than
statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking
statements. Although the Company 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 may differ materially
from those in the forward -looking statements. Such statements and information are based on numerous assumptions
regarding present and future business strategies and the environment in which the Company will operate in the future,
including the price of metals, the ability to achieve its goals, th at general business and economic conditions will not
change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such
forward-looking information reflects the Company’s views with respect to future even ts and is subject to risks,
uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results ,
risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and
expenses and those other risks filed under the Company’s profile on SEDAR at www.sedar.com. Factors that could cause
actual results to differ materially from those in forward looking statements incl ude, but are not limited to, continued
availability of capital and financing and general economic, market or business conditions, adverse weather conditions,
failure to maintain all necessary government permits, approvals and authorizations, the impact of Covid-19 or other
viruses and diseases on the Company’s ability to operate, failure to maintain community acceptance (including First
Nations), increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company
does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.