Elm Tree Minerals Inc. Signs Option for Gold, Silver Property in
710 - 890 W. Pender St - Vancouver, BC - V6C 1J9 Tel: 604.669.2151 / Fax: 604.669.2136 Website: www.elmtreeminerals.com
ETM-NR-2-12 April 3, 2012 TSX-V: ETM
Elm Tree Minerals Inc. Signs Option for Gold, Silver Property in Bathurst, New Brunswick
Vancouver, B.C. - (April 3, 2012 - TSX-V: ETM) Elm Tree Minerals Inc. (“Elm Tree”) is pleased to announce that it has signed a formal property option agreement with GreenLight Resources Inc. ("GreenLight") (TSX-V: GR) whereby GreenLight grants Elm Tree an option to acquire up to 80% of GreenLight's right, title and interest in and to the Keymet Property comprising a total of 162 mineral claims covering 6,480 acres located in the Bathurst region of New Brunswick (the "Property").
Pursuant to the terms of the Agreement, to earn a 70% undivided interest in the Property, Elm Tree must, in stages over three years, pay $250,000 in cash and issue 2,750,000 shares to GreenLight and incur $2,000,000 in expenditures on exploration and development of the Property. To earn an additional 10% interest, for a total 80% undivided interest in the Property, Elm Tree must complete a bankable feasibility study, or equivalent, for obtaining production financing for the Property. Upon Elm Tree earning its interest in the Property, GreenLight and Elm Tree have agreed to form a joint venture for the further development of the Property. The Property is subject to a 2% net smelter return royalty. Half of the royalty, 1%, may be purchased at any time upon the payment of $1,000,000.
Activities on the Property will be under the direction of a management committee comprised of an equal number of representatives from GreenLight and Elm Tree, with an equal number of votes. During the option period, Elm Tree will have a casting vote in event of a tie. The Operator of the Property, reporting to the management committee, will be GreenLight.
Mike Waggett, CEO and President, commented, "The Keymet property provides the Company with a significant opportunity to explore the potential for gold, silver and base metal mineralization on the Property located in the #1 mining jurisdiction in the world and in the area of a past producing silver mine. Management is looking forward to the commencement of an exploration program”.
The Option Agreement is subject to acceptance for filing by the TSX Venture Exchange.
Everett Resources Ltd. News Release Page 2
About Elm Tree Minerals Inc.
Elm Tree is a junior resource mineral Exploration Company with an interest in the Keymet Property located in the Bathurst gold camp, New Brunswick. To find out more about Elm Tree Minerals, please visit the Elm Tree's website at www.elmtreeminerals.com
The Keymet Property, New Brunswick
The Keymet Property consists of 162 mineral claims comprising 6,480 acres situated in the historic Bathurst Region of New Brunswick and hosts a former producing mine that was located on the property and numerous showings of gold, silver and base metal mineralization. The review the Keymet Property please click on link http://bit.ly/Hgrm7Z
ELM TREE MINERALS INC.
Per: "Michael Waggett"
Michael Waggett, President
For more information, please contact:
Elm Tree Minerals Ltd. Tribeca Capital Partners Inc.
Michael Waggett Jamie Hyland President, CEO and Director (604) 669-2151 Office (604) 669-2151 Office (778) 938-8760 Cell E: [email protected] E: [email protected] W: www.elmtreeminerals.com W: www.elmtreeminerals.com
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