Vancouver, BC – Mountain Boy Minerals Ltd (“Mountain Boy” or the “Company”) (TSX.V: MTB; Frankfurt: M9UA) is pleased to announce that Great Bear Resources Ltd has agreed to accept 620,000 shares of Mountain Boy in settlement of the $350,000 final scheduled payment under an agreement by which the Company is re-acquiring from Great Bear a 50% interest in the 187 sq km (18,700 ha) properties comprising the BA project and the Surprise Creek project.
Pursuant to an agreement in 2010, Great Bear earned a 50% interest from Mountain Boy. In June 2017, the Company and Great Bear entered into an agreement in which the Company was granted the option to re-acquire Great Bear’s 50% interest in the Barbara and Surprise Creek properties by making a series of cash and share payments to Great Bear. The current payment is the final scheduled payment under that arrangement. There remains a series of milestone payments under separate options for each of the properties, which can be exercised independently. (The milestones are: completing a resource estimate, completing a pre-feasibility study and commencement of mine development.) The total amount of those payments, should both projects go through to development, would be $3.7 million.
Mountain Boy has no further obligations to Great Bear other than the payments related to reaching those milestones.
On behalf of the Board of Directors:
President & CEO
For further information, contact:
VP Corporate Development
NEITHER 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 certain "forward looking statements". Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.