Searchlight Resources signs Letter of Intent to Option 100% Interest in New York Canyon Property to Emgold Mining Corp.
TSXV: SCLT
Suite 408 – 1199 West Pender Street • Vancouver, B.C. • V6E 2R1
TEL (604) 331-9326 • FAX (604) 684-9365
Searchlight Resources signs Letter of Intent
to Option 100% Interest in
New York Canyon Property to Emgold Mining Corp.
Vancouver, British Columb ia, May 28, 2019, - Searchlight Resources Inc.(“Searchlight” or the
“Company”) (TSX-V: SCLT) announces that it has signed a letter of intent with Emgold Mining
Corporation, a company listed on the TSX Venture Exch ange under the symbol “EMR”,
("Emgold") whereby Searchlight has granted to Emgold the option to acquire a 100% interest in
the New York Canyon Property, NV (the “Property”), subject to underlying royalties.
Under the proposed terms , Searchlight will transfer all its interest in and to the New York
Canyon Property to Emgold and, in consideration of which, Emgold will pay Searchlight CAD
$350,000 and issue CAD $ 500,000 worth of common shares of Emgold on closing of the
Definitive Agreement.
“The New York Canyon option brings immediate value to our shareholders for a non -core asset
and allows Searchlight to focus its exploration activities on Saskatchewan, including the
reopening the past producing Rio Gold Mine near Flin Flon and exploration to discover the next
major VMS deposit in the Flin Flon - Snow Lake Greenstone Belt” stated Stephen Wallace, CEO
of Searchlight.
Terms of the New York Canyon Transaction
Emgold has agreed to purchase a 100 percent interest in the 21-patented and 60-unpatented mining
claims from Searchlight (the “Transaction”) under the following terms:
1. C$10,000 on signing the LOI;
2. C$40,000 on closing of the Transaction;
3. C$500,000 in common shares of the capital of Emgold at the date of closing, with the share
price based on the 30-day volume weighted average price of Emgold’s share immediately
prior to the announcement of the Transaction;
4. C$100,000 within 6 months of the date of closing;
5. C$100,000 within 12 months of the date of closing; and
6. C$100,000 within 18 months of the date of closing.
The Transaction is subject, amongst other conditions, to completion of a definitive agreement and
regulatory approval by the TSX Venture Exchange.
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 this news re lease. These statements reflect management’s
current estima tes, beliefs, intentions and e xpectations. They ar e not guarantees of future
performance. The Company cautions that all forward 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, conditions
and r esults may differ ma terially from the estimates, beliefs, intentions and expectations
expressed or implied in the forward looking information. Except as required under applicable
securities legislati on, the Company undertakes no obligation to publicl y upda te or revise
forward-looking information.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTUR E EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.