ROUYN-NORANDA, QC, March 6, 2017 /CNW Telbec/ - X-Terra Resources Inc. (TSXV: XTT) (FRANKFURT: XTR) announces the completion of the initial payment pursuant to its previously-announced exploration and option agreement for the acquisition of up to a 60% ownership in the Veronneau Property. X-Terra Resources paid an aggregate amount of $100,000 and issued an aggregate of 1,250,000 common shares to the optionors as initial payment in order to obtain the right to explore and option the Veronneau Property (see X-Terra Resources' press release dated January 17, 2017 for more information on the exploration and option agreement).
X-Terra Resources also wishes to report that preliminary data from its recently completed airborne geophysical survey has been received. Michel Chapdelaine, a director and member of the technical committee of the Board of Directors of X‑Terra Resources commented, "The quality of the survey is impeccable and the first interpretations completed by MB Geosolutions are as well. The precision of the data will enable X-Terra Ressources to precisely target their exploration. In addition, the Veronneau showing is located on a ½ kilometre per 2 kilometres area where the Mag-EM signature is unique as it is very different compared with the rest of the property. We can see certain electromagnetic conductors seem to recut the principal structural grain" (see figure appended).
In other news, X-Terra wishes to announce that it has acquired 100% ownership interest of the Rimouski and Rimouski North shale gas licences by acquiring the remaining 50% ownership interest it did not already own and has already begun exploring strategic alternatives for these assets.
Mr. Jeannot Théberge, PGeo, a consultant to X-Terra Resources, is the qualified person for the Veronneau property under National Instrument 43‑101 Standards of Disclosure for Mineral Projects responsible for the technical contents of this news release, and has approved the disclosure of the technical information contained herein.
About X-Terra Resources Inc.
X-Terra Resources is a resource company focused on acquiring and exploring precious metals and energy properties in Canada. X-Terra Resources currently has 17,836,123 common shares issued and outstanding.
This news release contains statements that may constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information may include, among others, statements regarding the future plans, costs, objectives or performance of X-Terra Resources, or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, including the development of the Property, or if any of them do so, what benefits X-Terra Resources will derive. Forward-looking information is based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond X-Terra Resources' control. These risks, uncertainties and assumptions include, but are not limited to, those described under "Financial Instruments" and "Risk and Uncertainties in X‑Terra Resources' Annual Report for the fiscal year ended December 31, 2015, a copy of which is available on SEDAR at www.sedar.com, and could cause actual events or results to differ materially from those projected in any forward-looking statements. X-Terra Resources does not intend, nor does X-Terra Resources undertake any obligation, to update or revise any forward-looking information contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.
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 the release.
SOURCE X-Terra Resources Inc.
For further information: X-Terra Resources Inc., Michael Ferreira, President and Chief Executive Officer, 139 Québec Avenue, Suite 202, Rouyn-Noranda, Québec, J9X 6M8, Telephone: 819-762-4101, Fax: 819-762-0097, E-mail: firstname.lastname@example.org; Website: www.xterraresources.com