Central Timmins Exploration Corp. Leases Stockade Property in Southeastern Oregon /
Central Timmins Exploration Corp. Leases
Stockade Property in Southeastern Oregon
/
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TORONTO
,
July 10, 2020
/CNW/ -
Central Timmins Exploration Corp.
("CTEC" or the
"Company") (TSXV: CTEC) reports that, subject to regulatory approval, it has signed a mineral
lease and option agreement with Bull Mountain Resources LLC ("BMR"), an arm's length private
company, to lease a 100% interest in the Stockade Property located in southeastern
Oregon
.
Stockade
The Stockade Property consists of 261 unpatented lode mining claims that cover an area of over
6,790 acres, located in
Malheur County, Oregon
approximately 85 kilometers southeast of
Burns
Oregon
, or 150 kilometers southwest of Boise Idaho. The property was explored by BHP,
Phelps
Dodge
and Placer Dome with only shallow drill holes targeting bulk tonnage potential in the 1980s
and 90s.
The principals of BMR include
Perry Durning
and
Frank (Bud) Hillemeyer
, who received the PDAC
Thayer Lindsley International Mineral Discoveries Award in 2010 in recognition of their outstanding
record of grassroots discoveries in
Mexico
, particularly the
San Sebastian
silver-gold mine, the
San
Agustin
gold mine, the Pitarrilla silver deposit and the Camino Rojo gold discovery. Additionally,
Durning and Hillemeyer discovered the Los Gatos silver-base-metal deposit subsequent to the
Thayer Lindlsey
Award.
The Company plans to complete a 43-101 property report compiling the historical field work and drill
results, as well as initiate a systematic exploration program by completing airborne and ground
geophysical studies, in combination with further prospecting, geochemical sampling, geologic
mapping and drilling.
Mineral Lease and Option Agreement Terms
Under the terms of the mineral lease and option agreement, the Company has the right to use the
property for exploration and mining for a minimum of 50 years provided it continues to make the
following preproduction payments:
US$20,000
and 100,000 common shares in the capital of the
Company on signing the agreement (the "Effective Date");
US$10,000
six-months after the Effective
Date;
US$10,000
12-months after the Effective Date;
US$15,000
18-months after the Effective
Date;
US$15,000
24-months after the Effective Date;
US$25,000
30-months after the Effective Date
and every six months thereafter. The term of the agreement may continue after 50 years provided
active mining operations are being conducted on the property. The Company is also required to
incur minimum work expenditures on the property of
US$30,000
in the first year and a minimum of
2,000 meters of drilling in the second year.
On achievement of production on the property, a production royalty of 2% of net smelter returns is
payable on claims owned by BMR and 0.5% of net smelter returns is payable on third party claims
and claims acquired within the area of influence, provided that a minimum production royalty of
US$25,000
is payable quarterly. On payment to BMR of
US$10,000,000
in any combination of pre-
production payments, production royalties and minimum royalties, the production royalty on claims
owned by BMR reduces to 1% and on third-party claims and claims acquired within the area of
influence to 0.25%.
About Central Timmins Exploration Corp.
CTEC is an early-stage Canadian junior exploration company focused on precious metals exploration
and development.
Forward Looking Information
This press release contains "forward-looking information" within the meaning of applicable securities
laws that is intended to be covered by the safe harbours created by those laws. "Forward-looking
information" includes statements that use forward-looking terminology such as "may", "will", "expect",
"anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or
comparable terminology. Such forward-looking information includes, without limitation, the
Company's expectations, strategies and plans for the Stockade Property, including the Company's
planned expenditures and exploration activities.
Forward-looking information is not a guarantee of future performance and is based upon a number
of estimates and assumptions of management at the date the statements are made. Furthermore,
such forward-looking information involves a variety of known and unknown risks, uncertainties and
other factors which may cause the actual plans, intentions, activities, results, performance or
achievements of the Company to be materially different from any future plans, intentions, activities,
results, performance or achievements expressed or implied by such forward-looking information.
See "Risk Factors" in the Company's final prospectus dated
October 4, 2018
filed on SEDAR at
www.sedar.com
for a discussion of these risks.
The Company cautions that there can be no assurance that forward-looking information will prove to
be accurate, as actual results and future events could differ materially from those anticipated in such
information. Accordingly, investors should not place undue reliance on forward-looking information.
Except as required by law, the Company does not assume any obligation to release publicly any
revisions to forward-looking information contained in this press release to reflect events or
circumstances after the date hereof.
Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of
the Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE
Central Timmins Exploration Corp
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http://www.newswire.ca/en/releases/archive/July2020/10/c1544.html
%SEDAR: 00045664E
For further information:
Central Timmins Exploration Corp., www.centraltimmins.com; Joseph
Ovsenek, President, CEO and Chairman, [email protected], Tel: +1 (604) 765-3424;
Chris Hopkins, CFO, [email protected], Tel: (416) 786-9793
CO: Central Timmins Exploration Corp
CNW 05:00e 10-JUL-20