Vancouver, BC (FSCwire) - Sunvest Minerals Corp. (“Sunvest” or the “Company”) (SSS-TSX:V) is pleased to announce the acquisition of the “Foster Cobalt property” (“Foster Property”), located in the Sudbury Mining District in north central Ontario. The Foster Property comprises three claims with 32 units, covering approximately 512 ha. Near a historic adit on the property, one grab sample, taken by the O.G.S. (Ontario Geological Survey) returned 9.16 % cobalt (Co) and 3.56 % nickel (Ni) 1 .
Sunvest President and Chief Executive Officer, Gordon Zelko commented, "We are very pleased to be making this initial property acquisition over this significant prospective cobalt target. The demand for cobalt deposits is expected to significantly increase to battery applications to feed EV’s (electric vehicles), electronic devices, and energy storage units (such as Tesla’s Powerwall Units).”
The cumulative acquisition terms to acquire a 100% interest in the Foster Property are cash payments of $20,000 and the issuance of 1.5 million shares of the company to arm's-length parties over a two year period. A 2% NSR will be granted to the vendors with 1% purchasable by the company for 1 million dollars. The acquisition is subject to TSX Venture Exchange approval. A Finder’s Fee will be payable in accordance with TSX Venture policies.
The technical contents of this release were approved by Isabelle Robillard, MSc, P.Geo a Qualified Person as defined by National Instrument 43-101. The properties have not been the subject of a National Instrument 43-101 report.
References
1. K. D. Card (1976) Geology of the Espanola-Whitefish Falls Area, Geoscience Report 131
Sunvest Minerals Corp. is a junior mining exploration company focused on seeking and acquiring mineral properties of merit. Sunvest continues to evaluate suitable properties in Canada and the U.S.A.
ON BEHALF OF THE BOARD
“Gordon Zelko”
Gordon Zelko, President, CEO, Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Telephone: 1-250 495-7123
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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.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com).
