CRES Provides Corporate Update
CREST RESOURCES INC.
S u i t e 11 00 - 5 95 H o w e S t re e t , V a n c o u v e r , B C V6 C 2 T 5
T ( 6 0 4) 6 8 1- 3 1 7 0, F ( 6 0 4 ) 681 -3552
NEWS RELEASE
Crest Resources Provides Corporate Update
Vancouver, B.C. – July 24, 2020 – Crest Resources Inc. (“Crest” or the “Company”) (CSE: CRES) is pleased
to provide an update of its corporate activities.
Investment in Mariner Resources Corporation
The Company intends to participate in a non -brokered private placement of Mariner Resources Corp.
(“Mariner”) to acquire 1,250,000 common shares of Mariner at a price of $0.12 per share for total cost of
$150,000. The acquisition will be made for investment purposes.
The Company currently owns and controls 1,530,000 Common Shares of Mariner representing 18.43% of
the issued and outstanding Common Shares based on a total of 8,300,000 Common Shares outstanding
as of July 24, 2020.
Following the acquisition, the Company will own and control 2,780,000 Common Shares of Mariner
representing 20.90% of the then issued and outstanding Common Shares based on an estimated total of
13,300,000 Common Shares outstanding.
Core Asset Management Corp.
The Company has entered into a share purchase agreement to acquire 40% interest in Core Asset
Management Corp. ("Core"), a private company duly incorporated in the jurisdiction of the Cayman
Islands. Garry Stock, a director of the Company, also agreed to acquire a 5% interest in Core and Emma
Fairhurst, a consultant of the Company, agreed to acquire a 35% interest in Core.
On July 16, 2020, the Company entered into a loan agreement (the “Loan Agreement”) to lend up to USD
$32,000 to Core to fund administrative costs. The principal amount of the loan plus interest accrued at a
rate of 5.0% per annum shall be payable on demand on or after July 15, 2021. On July 16, 2020, the
Company advanced USD $12,544 to Core under the Loan Agreement.
Loan to Westminster Resources Ltd.
The Company is party to a loan agreement with Westminster Resour ces Ltd. (“Westminster”) dated
September 12, 2019, as amended on November 28, 2019, March 20, 2020 and July 6, 2020, to lend up to
$100,000 to Westminster that is payable on demand with accrued interest at a rate of 10% per annum.
The loan is secured by W estminster’s shares of its Peruvian subsidiary, Westminster Peru S.A.C.
incorporation number 14120577. A total of $77,500 has been advanced to Westminster under the loan
agreement to date.
Loan to Opawica Explorations Inc.
Further to the Company’s news release of November 29, 2019, the Company has amended its loan
agreement with Opawica Explorations Inc. (“Opawica”) to increase the principal amount of loan to
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Opawica from $11,000 to up to $30,000. The principal amount of the loan plus interest accrued at a rate
of 10% per annum is payable on demand. A total of $22,000 has been advanced to Opawica under the
loan agreement to date.
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 investment in mineral exploration
companies and rel ated mining technologies of merit. The Company’s Canadian mineral property assets
include various land positions totalling 665.75 km2 (66,575 hectares) within the Exploits Subzone, the
newest emerging district-scale gold exploration and mining district in the province of Newfoundland and
Labrador.
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.