Margaret Lake Announces Acquisition of Old Nick and Letain Nickel – Cobalt Properties, British Columbia
Margaret Lake Announces Acquisition of Old Nick and Letain
Nickel – Cobalt Properties, British Columbia
VANCOUVER, BRITISH COLUMBIA / Feb. 4, 2021 / Margaret Lake Diamonds Inc. (“Margaret Lake” or
the “Company”) (TSX.V: DIA / FKT: M85) is pleased to announce the acquisition of the Old Nick Nickel-
Cobalt project in Southern British Columbia as referenced in BC MINFILE 082ESW055 and the Letain
Nickel-Cobalt project in North-Western British Columbia. Letain pictured in Photo 1.
Photo 1
Acquisition Terms
Payments to the vendors, on a 50/50 basis , BC 1200059 Ltd. and BC 1258713 Ltd. as follows:
(i) $10,000 upon TSXV approval or 30 days from execution which ever may come sooner;
(ii) $10,000 90 days of TSXV approval;
(iii) $30,000 6 months of TSXV approval;
(iv) $300,000 prior to January 1, 2022;
(v) $400,000 prior to August 1, 2023;
(vi) $500,000 prior to August 1, 2024.
British Columbia Mineral Tenures:
1058958, 1058959, 1058961, 1036996, 1037000, and 1074301 all in good standing.
No shares or options shall be issued in connection with this transaction. The transaction requires
regulatory and customary approvals.
The Company plans to file a Technical Report prepared in compliance with National Instrument 43 -101
within 45 days.
Morrison Property
By order of the British Columbia Gold Commissioner, the Morrison Property has been returned to the
previous owner, having been staked and su bsequently optioned by Margaret Lake. Margaret Lake
reserves all rights but has dropped the property and received a full credit, in the full amount of the initial
Morrison Property option payment from the vendors that has been applied to the initial and 2nd year
option payments for Letain and Old Nick properties , reducing payments, as above, (i) from $10,000 to
zero and payment (iv) from $300,000 to $160,000.
CEO Severance
Having resigned as CEO and Director, Jared Lazerson and the Company have reached a severance and debt
settlement agreement in the amount of $260,000 in debt and $80,000 in management fees, pending
customary approvals.
Return to Trade
Margaret Lake is under final review by TSXV Senior Management regarding final gating items for return
to trade.
About Margaret Lake Diamonds
Margaret Lake Diamonds Inc. (TSX.V: DIA) is a Canadian junior exploration company focussed on battery
metals and continues to maintain an interest in the Diagras Diamond property located approximately
50km from the Diavik and Ekati Diamond Mines and the Margaret Lake Property located adjacent to the
Kennady North 100% owned Margaret Lake Property (“the Property”) in the Northwest Territories. The
Property is located just nine kilometers north of the Gahcho Kué diamond mine and two kilometers from the
Kelvin and Faraday kimberlite deposits.
Contact Information
Web: www.margaretlakediamonds.com
Neil Foran
CEO
Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the
TSX Venture) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
This press release contains forward-looking information or forward-looking statements (collectively
"forward-looking information") within the meaning of applicable securities laws. Forward-looking
information is typically identified by words such as: "believe", "expect", "anticipate", "intend",
"estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future
events. The Company cautions investors that any forward-looking information provided by the Company
is not a guarantee of future results or performance, and that actual results may differ materially from
those in forward-looking information as a result of various factors. The reader is referred to the
Company's public filings for a more complete discussion of such risk factors and their potential effects
which may be accessed through the Company's profile on SEDAR at www.sedar.com.