Scottie Resources Acquires Option for 100% Interest in the Bow Property
TSX VENTURE: SCOT
VANCOUVER, British Columbia, Jan. 25, 2019 (GLOBE NEWSWIRE) -- Scottie Resources Corp. (“Scottie” or the “Company”) (TSXV: SCOT) is pleased to announce that the Company has received regulatory approval from the TSX Venture Exchange (the "TSXV") of an option agreement dated December 12, 2018 (the "Agreement") with Decade Resources Ltd. (“Decade”) to acquire a 100% interest in the 471.92 hectare Bow property (the “Bow”) located in the “Golden Triangle” mining district of British Columbia. The Bow is subject to a 3% net smelter return royalty.
The Bow is contiguous with the Company’s 100% owned Scottie Gold property which hosts the past producing Scottie Gold mine.
The terms of the Agreement call for cash payments totalling $1,000,000 to be paid in five equal installments as follows:
- $200,000 within 3 business days of Decade and Scottie receiving TSXV approval of the option agreement;
- $200,000 on or before the date that is 6 months after the execution date of the Agreement (the "Execution Date");
- $200,000 on or before the date that is 12 months after the Execution Date;
- $200,000 on or before the date that is 18 months after the Execution Date; and
- $200,000 on or before the date that is 24 months after the Execution Date.
The Company has paid the initial $200,000 due on TSXV approval of the option agreement. In the event that all the payments are not made, Scottie will have no interest in the Bow property.
Edward Kruchkowski, a director of each of Decade and Scottie, abstained from approving the transaction and was not involved in negotiating its terms.
ABOUT SCOTTIE RESOURCES CORP.
Scottie owns a 100% interest in the high grade, past-producing, Scottie Gold property located in the heart of the Golden Triangle. In addition, Scottie owns 100% interests in the Ruby Silver property, the Black Hills property and the Stock property (75% of which is optioned to Jaxon Minerals Inc.) all located in the Golden Triangle.
Further information on Scottie can be found on the Company’s website at www.scottieresources.com and at www.sedar.com, or by contacting Bradley Rourke, President and CEO at (250) 877-9902.
ON BEHALF OF THE BOARD OF DIRECTORS
President & CEO
FORWARD LOOKING STATEMENTS
This news release may contain forward‐looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward‐looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward‐looking statements whether as a result of new information, future events or otherwise.
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