VANCOUVER, British Columbia, Aug. 03, 2017 (GLOBE NEWSWIRE) -- Gray Rock Resources Ltd. (TSX-V:GRK) (the “Company” or “Gray Rock”) is pleased to announce that further to its press release dated June 19, 2017 it has received regulatory acceptance to a binding option agreement (the “Option Agreement”) with DeCoors Mining Corp. (“DeCoors”) to acquire the Hot Bath Property, located near Dease Lake, British Columbia, comprising eleven mineral claims covering a total area of 3,634 hectares.
The terms of the Option Agreement are:
- The Company may make three option payments to Decoors by the issuance of common shares of Gray Rock in three installments up to a total of 1,500,000 shares over three (3) years, as follows:
(a) The first 150,000 shares on or before the first anniversary of the Approval Date (being August 3, 2018);
(b) The next 450,000 shares on or before the second anniversary of the Approval Date; and
(c) The balance of 900,000 shares on or before the third anniversary of the Approval Date.
- Decoors has reserved a 1.5% net smelter returns royalty (the “NSR”) from commercial production; and
- The Company may elect to reduce Decoors’ NSR to only 0.5% at any time prior to the commencement of commercial production, upon the payment to Decoors of $1,000,000.
Qualified Person
Mr. John Buckle, P.Geo., P.Geoph., a Qualified Person as defined by NI 43-101, has reviewed and approved the scientific and technical disclosure in this news release. Mr. Buckle is a director of the Company, and is not an independent Qualified Person.
For further information please contact Gray Rock Resources Ltd. at ph. (604) 682-3701, or log onto our website at www.grayrockresources.com
