Torq Amends Margarita Option to Defer Payments
TSX.V: TORQ | OTCQX: TRBMF 1630 – 1177 West Hastings Street, Vancouver, BC, Canada V6E 2K3
Torq Amends Margarita Option to Defer Payments
Vancouver, Canada – August 14, 2024 – Torq Resources Inc. (TSX-V: TORQ, OTCQX: TRBMF) (“Torq”
or the “Company”) announces that it has agreed to an amendment of its November 18, 2020 Margarita
Project Unilateral Option Agreement to extend the option by one year and to defer the August 22, 2024
payment of USD $1,200,000 for one year. Under the terms of an amending agreement dated August 5,
2024, an additional USD $300,000 (to a total of USD $1,500,000), was added to the August 22, 2025
option payment and an increase of USD $200,000 (to a total of USD $2,200,000) was added to the
August 22, 2026 payment requirement.
In addition, Torq is required to expend at least USD $1,000,000 in exploration before August 22, 2025 and
an additional USD $1,000,000 (to a total of USD $2,000,000) in exploration before August 22, 2026.
The new schedule of remaining earn in requirements is summarized as follows:
Due Date Cash Payments (USD)
Required Work
Expenditures (USD)
Aug 22 2025 $1,500,000 $1,000,000
Aug 22 2026 $2,200,000 $1,000,000
Aug 22 2027 $2,500,000
Total $6,200,000 $2,000,000
Shawn Wallace, Executive Chair and CEO commented, “We appreciate the cooperation of the Margarita
Project owners for allowing the deferral of certain near -term option obligations. T he deferral of these
obligations coupled with the recently announced Gold Fields Option and Joint Venture for the Santa
Cecilia Project will give the Company significant financial relief from its payment and capital expenditure
requirements.
With Santa Cecilia proposed to be financed by virtue of the Option and Joint Venture, it should prove
much less onerous to continue financing and exploring the Margarita Project. Both deals will allow the
Company and its partners to unlock the potential for both of these exciting projects in a sustainable and
accretive manner. We are looking forward to getting back to active exploration work in the months to
come despite the current difficult junior explorer market conditions.”
ON BEHALF OF THE BOARD,
Shawn Wallace
CEO & Chair
TSX.V: TORQ | OTCQX: TRBMF 1630 – 1177 West Hastings Street, Vancouver, BC, Canada V6E 2K3
For further information on Torq Resources, please visit www.torqresources.com or contact the Company
at (778) 729-0500 or [email protected].
About Torq Resources
Torq is a Vancouver -based copper and gold exploration company with a portfolio of premium holdings in Chile. The
Company is establishing itself as a leader of new exploration in prominent mining belts, guided by responsible, respectful
and sustainable practices. The Company was built by a management team with prior success in monetizing exploration
assets and its specialized technical team is recognized for their extensive experience working with major mining
companies, supported by robust safety standards and technical proficiency. The technical team includes Chile -based
geologists with invaluable local expertise and a noteworthy track record for major discovery in the country. Torq is
committed to operating at the highest standards of applicable environmen tal, social and governance practices in the
pursuit of a landmark discovery. For more information, visit www.torqresources.com.
Forward Looking Information
This release includes certain statements that may be deemed “forward -looking statements”. Forward -looking information is
information that includes implied future performance and/or forecast information including information relating to, or
associated with cost reductions, potential future financings and exploration and or development of mineral properties. These
statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or
achievements of the Comp any to be materially different from any future results, performance or achievements expressed or
implied by such forward -looking statements. See Torq’s public filings at ww.sedar.com for disclosure of the risks and
uncertainties faced in the exploration business which is inherently a high-risk business.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.