Currie Rose Resources Receives TSX-V Approval of Option Deal over Historic Rossland Gold and Silver Project
Currie Rose Resources Receives TSX-V Approval of
Option Deal over Historic Rossland Gold and Silver
Project
Toronto, Ontario--(Newsfile Corp. - May 16, 2018) - Currie Rose Resources Inc. (TSXV: CUI) ("Currie Rose" or the "Company")
is pleased to announce that the TSX Venture Exchange has approved the Company's transaction to acquire the Rossland gold
and silver project (the "
Rossland Project
"), located approximately 35km south-west of Castlegar, British Columbia.
The Exchange has accepted all filing documentation including a National Instrument 43-101 Technical Report (the "
Technical
Report
") on the Rossland Project and has approved the issuance of common shares relating to the Company's option
agreement with 0704723 BC Ltd for the acquisition of 100% of the GNB property and option agreement with 0811662 BC Ltd
for the acquisition of 100% of the COE property. The GNB property and the COE properties together comprise the Rossland
Project.
Michael Griffiths
,
Currie
'
s
President and CEO
, commented
: "The Rossland Project covers a large proportion of the
Rossland Mining Camp which surrounds the former Le Roi, War Eagle and Centre Star Gold mines. This is an advanced
brownfields play with little modern exploration having been undertaken due to previous fragmented ownership. The Company
recognises the potential both along strike from the former producing mines as well as other underexplored vein gold targets."
The Rossland Project covers approximately 2,000 Ha of the Rossland Mining Camp that produced more than 2.7 million ounces
of gold, 3.5 million ounces of silver and 71 tonnes of copper between 1894 and 1941 and ranks as the third largest lode gold
camp in British Columbia. Historical records identify significant molybdenite, zinc and cobalt mineralisation within the Camp and
the Company plans to investigate these metals as part of its exploration activity and overall district scale focus.
Under the terms of the two option agreements, Currie Rose has the right to acquire 100% of the Rossland Project from the
vendors via a 3-stage, four-year option (see below for details). On completion of the Feasibility Study and the payment
obligations, the Company will own 100% of the Rossland Project and will grant separately, to each vendor, a 2% Net Smelter
Return (NSR) with Currie Rose having an option to purchase from each vendor one-half (1%) of the NSR for payment of $1m.
The Technical Report has been filed on SEDAR at
www.sedar.com
and can be found on the Company's website at
www.currierose.com
. The Technical Report, entitled "
THE ROSSLAND PROJECT, Rossland Area, South-Central British
Columbia, Canada
"
was prepared for Currie Rose by Avrom E. Howard MSc, PGeo, a Qualified Person, and has an effective
date of April 9, 2018. Mr. Howard
is independent of both Currie Rose and the vendors of the properties.
Option Agreements Terms (corrected from April 13, 2018 press release):
Stage 1
— 12 months
Upfront payment of $50,000 and issue of 1m Currie Rose shares to each Vendor;
Minimum expenditure of $500,000 for each company;
Investment by Currie beyond the first year, will be contingent on positive results.
Stage 2
— 12 -24 months
Two annual payments of $75,000 and issue 1.5m Currie Rose shares to each Vendor;
Minimum expenditure of $750,000 for each company;
Stage 3
- 24-
48
months
Funding and completing a Feasibility Study - one study to apply to both companies;
Two annual payments of $100,000 and issue 2m Currie Rose shares on the 3
rd
& 4
th
anniversaries (per Vendor);
About
Currie Rose Resources Inc
.
Currie Rose is a precious metal explorer focused on identifying high value assets in Canada. Our current projects span British
Columbia and Ontario with our immediate focus on the recently acquired Rossland Project in BC.
Technically strong and corporately nimble we seek to add value through targeted exploration.
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.
This news release may contain forward-looking statements that are based on the Company's expectations, estimates and
projections regarding its business and the economic environment in which it operates.
Statements about the closing of the
transaction, expected terms of the transaction, the number of securities of
Currie Rose
that may be issued in connection with
the transaction, and the parties' ability to satisfy closing conditions and receive necessary approvals are all forward-looking
information.
These statements are not guarantees of future performance and involve risks and uncertainties that are difficult
to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-
looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date
on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the
occurrence of future events or circumstances, unless otherwise required to do so by law.
FOR ADDITIONAL INFORMATION
IN RESPECT OF CURRIE ROSE
, PLEASE CONTACT
:
Mike Griffiths, CEO
Office: 905-688-9115
Email:
Catherine Beckett, Manager Corporate Affairs
Office: 905-688-9115
Email: