CRES Provides Operations 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) 68 1 - 3 1 7 0, F ( 6 0 4 ) 681 -3552
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NEWS RELEASE
CREST RESOURCES INC. PROVIDES OPERATIONS UPDATE
Vancouver, B.C. – November 29, 2019 ‐ Crest Resources Inc. (CSE: CRES) (the “Company”) provides the
following corporate update:
The Company has extended the first year option payment to earn an additional 49% interest in the Red
Metal Ridge property located on Vancouver Island, British Colum bia. The first year option payment of
$20,000 cash and the issuance of 100,000 common shares is extended to February 21, 2020 for
consideration of payment of $5,000 to the Optionors. All other terms of the Option Agreement remain
the same. The Company has also commissioned a study for Red Metal Ridge of new magnetic and
Radiometric Airborne Survey data to be released by the government in January 2020.
The Company has acquired ownership of a 65% interest in four mineral claims known as the Chala Copper
Project located east of Chala, Peru. The claims total 3,000 hectares, are prospective for copper and gold,
and were acquired through a staking syndicate that includes Michael Collins, the President , CEO and a
director of the Company, who holds a 20% interest in the claims. T he Company has expended
approximately US $14,800 in staking costs on the claims.
The Company has acquired 2,000,000 units of Troubadour Resources Inc., a junior mineral exploration
company listed on the TSX Venture Exchange, at a price of $0.05 per unit for total investment of $100,000.
Each unit consists of one common share and one sh are purchase warrant exercisable into one further
common share at a price of $0.10 for a period of 24 months. The arm’s length investment was acquired
pursuant to a non-brokered private placement that closed on November 1, 2019.
The Company has entered into a loan agreement with Volatus Capital Corp. (“Volatus”) dated November
20, 2019 to borrow $100,000 from Volatus. The principal amount of the loan plus accrued interest of 12%
per annum shall be payable on demand after November 20, 2020 and the Company has pledged
marketable securities in the value of $112,000 as collateral against repayment of the loan and accrued
interest. Volatus is a related party by virtue that the Company owns and controls 25.9% of the issued and
outstanding shares of Volatus and Michael Collins is the President, CEO and a director of both companies.
Each of Volatus and t he Company is relying on exemptions from the formal valuation and minority
shareholder approval requirements provided under sections 5.5(a) and 5.7 (1)(a) of Multilateral
Instrument 61-101 on the basis that the value of the loan does not exceed 25 per cent of the fair market
value of either company's market capitalization. The disinterested directors of each company approved
the loan transaction.
The Company has entered into a management, operations and geological consulting services agreement
with Opawica Explorations Inc. (“Opawica” ; a junior mineral exploration company listed on the TSX
Venture Exchange ) dated November 19, 2019 (the “Agreement”) whereby the Company will provide
management, operations and geological consulting services to Opawica for a fee of $10,000 per month
plus GST effective October 1, 2019 for a three year term. Opawica is a related party by virtue that Owen
King, a director of the Company, is also the President, CEO and a director of Opawica, and Sandra Wong,
the Corporate Secretary of the Company, is also the CFO and Corporate Secretary of Opawica. Each of
Opawica and the Company is relying on exemptions from the formal valuation and minority shareholder
approval requirements provided under sections 5.5(a) and 5.7 (1)(a) of MI 61-101 on the basis that the
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value of the services to be provided does not exceed 25 per cent of the fair market value of either
company's m arket capitalization . The disinterested directors of each company approved the services
agreement.
The Company has entered into a loan agreement with Opawica dated October 1, 2019 to lend up to
$11,000 to Opawica. The principal amount of the loan plus ac crued interest of 10% per annum shall be
payable on demand after December 31, 2019. On October 1, 2019, $10,160 was advanced and on
November 6, 2019 a further $600 was advanced to Opawica pursuant to the loan agreement. Each of
Opawica and the Company is relying on exemptions from the formal valuation and minority shareholder
approval requirements provided under sections 5.5(a) and 5.7(1)(a) of Multilateral Instrument 61-101 on
the basis that the value of the loan does not exceed 25 per cent of the fair market value of either
company's market capitalization . The disinterested directors of each company approved the loan
transaction.
ABOUT CREST RESOURCES INC.
Crest Resources Inc. is a proud 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 and the investment in mineral exploration and mining technology
companies of merit with potential for favourable return on investment. The Company’s mineral property
assets are the Chala Copper property in Peru (65% owned), the Split Dome Copper property near Hazelton,
British Columbia (75% owned and 25% under further o ption) and the Red Metal Ridge property on
Vancouver Island, British Columbia (51% owned and 49% under further option). At the Company’s annual
general meeting held November 25, 2019, the Company’s shareholders approved a resolution authorizing
the Company to expand its corporate objectives including becoming an investment issuer.
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 inf ormation 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, environmental 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 these 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 reflect new events or circumstances save as
required by applicable law.