CRES Completes Sale of Newfoundland Investment to Exploits Discovery Corp.
CREST RESOURCES INC.
Su it e 11 00 - 59 5 H o w e St r e e t , V a n c o u v e r , BC V6 C 2 T 5
T ( 6 0 4) 6 8 1- 3 1 7 0, F ( 6 0 4 ) 6 8 1- 3 5 5 2
NEWS RELEASE
CREST RESOURCES COMPLETES SALE OF NEWFOUNDLAND INVESTMENT
TO EXPLOITS DISCOVERY CORP.
Vancouver, B.C. – September 18, 2020 - Crest Resources Inc. (“Crest” or the “Company”) (CSE: CRES) is
pleased to announce that further to the Company’s news release of September 2, 2020, the Company has
completed the sale of 5,000,000 common shares of its investment in Exploits Gold Corp. , a private
company with mineral assets in Newfoundland, to Exploits Discovery Corp. (formerly Mariner Resources
Corp.), listed on the Canadian Securities Exchange under the symbol “NFLD” that is focused on gold
exploration in the prolific Exploits Subzone of central Newfoundland and Labrador.
The Company, a major shareholder of Exploits Discovery Corp. , received 5,000,000 common shares of
Exploits Discovery Corp. in the transaction. Prior to closing of the transaction, the Company had beneficial
ownership of, and control or direction over, 8,602,500 common shares representing 34. 97% the then
issued and outstanding common shares of Exploits Discovery Corp. The Company now has beneficial
ownership of, and control or direction over, 13,602,500 common shares of Exploits Discovery Corp.
representing 31.33% of the 43,411,302 issued and outstanding common shares. The Company, together
with its joint actors, have beneficial ownership of, and control or direction over 14,630,000 common
shares representing 33.70% of the issued and outstanding common shares. Michael Collins is the
President, CEO and a director of the Company and the CEO and a director of Exploits Gold Corp., and was
issued 175,000 common shares in the transaction to bring his total ownership to 595,000 common shares
of Exploits Discovery Corp. Mr. Collins was also appointed the President, CEO and a director of Exploits
Discovery Corp. Jason K. McLaughlin, a director of the Company, was issued 133,334 common shares,
Bryce Clark, the CFO of the Company, was issued 75,000 common shares and Nicholas Rodway, the Vice
President, Business Development of the Company, was issued 1,750,000 common shares.
With the close of this transaction, Exploits Discovery Corp. now holds a strategic land position in discrete
blocks along the full length of the Exploits Subzone. (For a map of the Exploits Subzone, please go to
www.exploits.gold). Exploits Discovery Corp. is now the largest land tenure holder in Newfoundland with
1,760 km² of gold exploration ground. The Jonathan’s Pond project hosts visible gold bearing quartz veins
up to 3m wide, with a current strike length of 450m, open in all directions with grab samples from outcrop
of up to 28.82 g/t Au. The Mt. Peyton project is situated on a 15 km strike length airborne magnetic
anomaly, coincident with the anomalous float grab samples of up to 25.8 g/t Au. Both projects contain
high priority exploration targets and are fully permitted for mechanical trenching, geochemical sampling,
and geophysical surveys. Exploits Discovery Corp. has mobilized experienced local geologic field teams
working at the Jonathan’s Pond project and the Dog Bay gold showings.
Mr. Collins comments, "The sal e of Exploits Gold Corp. demonstrates Crest’s ability to build valuable
mineral asset packages and bring them to the public market in a way that that rewards Crest shareholders.
We will continue to identify similar opportunities and bring value to our shareholders."
The transaction constitutes a related party transaction under Multilateral Instrument 61 -101 (“MI 61 -
101”) but is exempt from the formal valuation requirements of MI 61-101 under sections 5.5(a) and 5.5(b)
thereof and is exempt from the minority approval requirements of MI 61-101 under section 5.7(a) thereof.
2
{01685590;1}
The shares are subject to a voluntary hold period and will be tradeable as to 1/3 on March 18, 2021, 1/3
on September 18, 2021 and 1/3 on March 18, 2022.
The technical portion of t his news release has been reviewed and approved by Mr. Nicholas Rodway,
P.Geo., VP Corporate Development and a shareholder of the Company , a qualified person as defined
under National Instrument 43-101.
About Crest Resources Inc.
Crest Resources Inc. is a British Columbia company listed on the Canadian Securities Exchange under the
symbol “CRES”. The Company’s principal business activity is the acquisition, exploration and evaluation of
mineral property assets in Canada, Australia and Peru and the investme nt in mineral exploration
companies and related mining technologies of merit. Crest is committed to creating significant
shareholder value through advancing a high -quality blended portfolio of resource development and
discrete technology plays that build on corporate knowledge and relationships and drive value outside of
the mining cycle, as well as direct investment in undervalued exploration plays at an early stage.
FOR FURTHER INFORMATION CONTACT:
Michael Collins
President and CEO
Crest Resources Inc.
Telephone: 604-681-3170
Neither the Canadian Securities Exchange nor its Regulation Service Provider (as the term is defined in the
policies of the Canadian Securities Exchange) accepts responsibility for the adequacy of accuracy of this
news release.
Forward-Looking Statements
This news release contains certain forward -looking statements, which relate to future events or future
performance and reflect management’s current expectations and assumptions. Such forward-looking
statements reflect management’s current beliefs and are based on assumptions made by and information
currently available to the Company. Readers are cautioned that these forward -looking statements are
neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results
to differ materially from those expected including, but not limited to, market conditions, availability of
financing, actual results of the Company’s exploration and other activities, envi ronmental risks, future
metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and
permits, and other risks in the mining industry. All the forward -looking statements made in this news
release are qualified by t hese cautionary statements and those in our continuous disclosure filings
available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof
and the Company does not assume any obligation to update or revise them to refle ct new events or
circumstances save as required by applicable law.