VANCOUVER, Oct. 13, 2016 /CNW/ - Bravura Ventures Corp. ("Bravura" or the "Company") is pleased to announce that the Company has finalized the Option Agreement on the Musgrove Creek Property dated September 2, 2016 with Soleil Gold Corp. ( the "Optionor"), whereby the Optionor granted the Company an option (the "Option") to acquire an undivided 100% interest in and to certain mineral properties, together with the surface rights, mineral rights, personal property and permits associated therewith (collectively, the "Musgrove Creek Property" or the "Property"), located in Lemhi County, Idaho.
Further to the Company's news release dated September 6, 2016. The Option is exercisable by the Company paying to the Optionor an aggregate amount of $20,000 and 1 million common shares. The Company will have the option to own 100% of the Property and all attendant mining rights to the claims. The Property is subject to a 2% net smelter royalty (the "Royalty") on future gold production which includes advance royalty payments of $25,000 annually on September 1, beginning in 2020 to Soleil.
About Musgrove Creek
Musgrove Creek is a gold exploration project located in Lemhi County, Idaho consisting of 47 claims with a total area of 916.8 acres (457.1 ha) . Musgrove Creek contains a historical inferred mineral resource estimate of 8 million tonnes at 1.22 g/t Au (0.036 oz/ton) at a gold cut-off of 0.8 g/t (0.023 oz/ton), equivalent to 9,761 kg (313,822 oz) of gold at zero dilution. This estimate was calculated by Mr. David Makepeace, P. Eng. Of Geospectrum Engineering, and detailed in the "Technical Report on the Musgrove Creek Gold Project", by Gruenwald W. and Makepeace, D. for Wave Exploration Corp (Feb., 25, 2004). The Company views this inferred resource estimate as historical in nature, and is not treating this estimate as a current mineral resource. Insufficient work has been conducted on the property by a qualified person to verify and classify this as a current mineral resource. Additional drilling is required to verify and upgrade the status of this preliminary resource estimate and it should not be relied upon until supported by an updated and compliant NI 43-101 technical report.
Qualified Person - Robert M. Hatch, Registered Geologist, is the Qualified Person as defined in National Instrument 43-101, that has reviewed and approved the contents of this press release.
BRAVURA VENTURES CORP.
Greg Burns, Director
Caution Regarding Forward-Looking Statements – This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "should", "projected", "if", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward looking statements, oral or written, made by itself or on its behalf except as required by law.
SOURCE Bravura Ventures Corp.
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