Searchlight Resources receives final payment for sale of New York Canyon Property
TSXV: SCLT
Suite 408 – 1199 West Pender Street • Vancouver, B.C. • V6E 2R1
TEL (604) 331-9326 • FAX (604) 684-9365
Searchlight Resources receives final payment
for sale of New York Canyon Property
Vancouver, British Columbia, March 30, 2020, - Searchlight Resources Inc.(“Searchlight” or the
“Company”) (TSX-V: SCLT) announces that it has received the final payment of $225,000 from
the sale of the New York Canyon Property, NV (the “Property”) to Emgold Mining Corporation, a
company listed on the TSX Venture Exchange under the symbol “EMR”, ("Emgold").
Under the Agreement terms, Searchlight will transfer all its int erest in and to the New York
Canyon Property to Emgold and, in consideration of which, Emgold will have paid Searchlight
CAD $275,000 and issued 2,941,176 common shares of Emgold.
Under the terms of the Claim Purchase Agreement between E mgold and Searchlight, Emgold,
agreed to purchase a 100 % interest in the 21 patented and 60 unpatented min eral claims
comprising the Property (at that time) from Searchlight under the following terms:
1. C$10,000 on signing the LOI (paid);
2. C$40,000 on closing of the Transaction (paid);
3. C$500,000 in common shares of the capital of Emgold at the date of closing of the
Transaction, with the share price based on the 30-day volume weighted average price of the
Company’s share immediately prior to the announcement of the Transaction – 2,941,176
shares at C$0.17 per share, with the shares subject to Right of First Refusal provisions
(paid);
4. C$100,000 within 6 months of the date of closing of the Transaction;
5. C$100,000 within 12 months of the date of closing of the Transaction; and
6. C$100,000 within 18 months of the date of closing of the Transaction.
In the Claim Purchas e Agreement with Searchlight, Emgold had the option of accelerating th e
acquisition. If the outstanding payments (3 x C$100,000) were made on or befo re the 6 month
anniversary of the closing of the Transaction, Emgold would be entitled to a 25% discount on
the outstanding balance, reducing the amount of the payment due to C$225,000.
On February 11, 2020, Emgold announced it had signed an Earn-In with Option to Joint Venture
Agreement with Kennecott Exploration Company (“Kennecott”), a subsidiary of Rio Tinto PLC
(LSE: RIO:L, ASE: RIO.AX NYSE: RIO.N) for the Property. Kennecott ca n earn up to a 75%
interest in the Property by completing US$22.5 million in explorat ion expenditures. Kennecott
staked 265 unpatented mineral claims, expanding the Property to 21 patented and 417
unpatented mineral claims, totaling approximately 8,700 acres
Under the terms the Earn-In with Option to Joint Venture Agreeme nt between Kennecott and
Emgold, Kennecott elected to pay this discounted payment to Searchlight, on Emgold’s behalf,
as part of its expenditures under the First Option.
About Searchlight Resources
Searchlight Resources Inc. is a Canadian mineral exploration and deve lopment company listed
on the Toronto Venture Exchange (TSX-V: SCLT). The corporate strategy of the company is:
• to explore and develop opportunities in safe, low risk jurisdictions. T he Company holds
claims in Saskatchewan and Ontario, Canada. These ar e two of the top jurisdictions in the
Canada for mining investment, as ranked by the Fraser Institute
• to target known highly productive geological belts, including the Flin Flon – Snow Lake
Greenstone Belt and the Abitibi Greenstone Belt
• to acquire high quality projects, close to infrastructure, focusing on road access
• to work closely with stakeholders, including First Nations, Metis, local and provincial
governments and local contractors to advance mineral exploration and development in a safe
and environmentally sound manner.
On behalf of the Board of Directors,
“Stephen Wallace”
SEARCHLIGHT RESOURCES INC.
Stephen Wallace P.Geo, President, CEO and Director
Contact: Searchlight Resources Inc.
Investor Relations
(604) 331-9326
Forward-Looking Statements
Information set forth in this news release contains forward-looking statements that are based on
assumptions as of the date of thi s news re lease. These statements reflect management’s
current estima tes, beliefs, int entions and e xpectations. They ar e not guarant ees of future
performance. The Company cautions that all forwar d looking statements are i nherently
uncertain and that actual performance may be affected by a number of material factors, many of
which are beyond the Company’s control. Such fact ors include, among other thi ngs: risks and
uncertainties relating to the Company’s limited operating h istory and the need to comply with
environmental and governmental regulations . Accordingly, actual and f uture events, con ditions
and r esults may differ ma terially from the estimates, beliefs, intentions and expectations
expressed or implied in the forward looking information. Except as requi red under applicable
securities legislati on, the Company undertakes no obligation to publicly upda te or revise
forward-looking information.
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THAT TERM IS DEFINED IN THE POLICIES OF THE T SX VENTUR E EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.