Valterra Enters into a Letter of Intent with Ginguro Gold Pty Ltd to Option the Weepah Property, Nevada
Valterra Enters into a Letter of Intent with Ginguro Gold
Pty Ltd to Option the Weepah Property, Nevada
Vancouver, British Columbia--(Newsfile Corp. - May 8, 2019) -
Valterra Resource Corporation
(TSXV: VQA) (OTCQB:
VRSCF) ("Valterra" or the "Company") reported today that Ginguro Gold Pty Ltd ("Ginguro") has signed a Letter of Intent with
Valterra to acquire an 80% interest in the Weepah Property, located in Walker Lane Gold Belt, Esmeralda County, Nevada.
Ginguro may acquire an 80% undivided interest in the Property free and clear of any encumbrances (subject to the Underlying
Agreement with Nevada Select Royalty, Inc., a wholly-owned subsidiary of Ely Gold Royalties Inc., and the net smelter return
royalties thereunder) by paying Valterra $10,000 upon execution of the Letter of Intent and incurring $1,050,000 in cumulative
aggregate exploration expenditures on or in respect of the Property ("Expenditures") over three years as follows:
US$400,000 on or before July 1, 2020
US$650,000 on or before July 1, 2021
US$1,050,000 on or before July 1, 2022
All payments made by Ginguro pursuant to the Underlying Agreement shall form part of the Expenditures.
The Letter of Intent contemplates the execution of a formal Definitive Agreement within three months. As well, upon Ginguro's
delivery of notice of exercise of the option, the parties will negotiate in good faith for a period of 90 days to structure a
transaction for Ginguro's purchase from Valterra of its remaining 20% of the Property. In the event that no definitive agreement is
settled and executed within such period, the parties will form a joint venture with initial ownership interests in the Property as to
80% to Ginguro and 20% to Valterra.
About Ginguro Gold Pty Ltd.
Ginguro is a mineral exploration company focused on identifying and exploring epithermal vein projects with high-grade gold and
silver potential. The founders have extensive experience exploring for epithermal gold throughout the Ring of Fire, an area
defined by tectonic activity along the margin of the Pacific Plate. The Company's initial focus will be on identifying and exploring
projects in Nevada. Ginguro has chosen to focus on highly fertile gold provinces within proven first world jurisdictions that offer a
combination of security and upside. Upside is in the form of overlooked prospectivity in the case of Nevada, which remains one
of the world's most well-endowed centers for gold mineralization where major global gold producers focus on Carlin-style
sediment hosted gold deposits.
About Valterra Resource Corporation
Valterra is a Manex Resource Group Company. The group provides expertise in exploration, administration, and corporate
development services for Valterra's mineral properties located in British Columbia, Nevada and Mexico. Valterra is focused on
early stage properties with the potential to host large deposits in regions with excellent infrastructure. Valterra owns a 100%
interest in the Swift-Katie copper gold porphyry property in British Columbia, Canada which is permitted for a drill exploration
program to take place in Q3, 2019. The Weepah property in Nevada, USA, with past production totaling approximately
117,000ozs
(1)
gold and significant exploration potential for a high-grade bulk-mineable gold discovery, is fully permitted and
bonded for a 19 hole drill program scheduled for 2019. Valterra also has a 100% interest in the Los Reyes copper- gold
property in Chihuahua, Mexico.
(1)
(Historic production figures are from several published and unpublished company reports; however, a qualified person has
not done sufficient work to verify these grades and tonnages, and Valterra cautions that these historic production figures should
not be relied upon).
-30-
On behalf of the Board of Directors,
"Lawrence Page"
Lawrence Page Q.C., President, Valterra Resource Corporation
For further information, please visit Valterra's website at
valterraresource.com
or contact Valterra at 604.641.2759 or by email at
.
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 release.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and
content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery
processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and
uncertainties. Actual results may differ materially from those currently anticipated in such statements. These statements are
based on a number of assumptions, including, but not limited to, assumptions regarding general economic conditions,
interest rates, commodity markets, regulatory and governmental approvals for Valterra Resource Corporation's projects, and
the availability of financing for Valterra Resource Corporation's development projects on reasonable terms. Factors that
could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and
exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital
and financing and general economic, market or business conditions. Valterra Resource Corporation does not assume any
obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise,
except to the extent required by applicable law.
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