TSXV - EPM
HALIFAX, Dec. 14 /CNW/ - Empire Capital Corp (TSXV-EPM) (the "Corporation" or "Empire") is pleased to announce it has entered into an option agreement to purchase a 100% interest in Newfoundland Exploration Licence 016270M which consists of 30 Mineral Exploration claims covering 750 hectares in the Wings Point area of Newfoundland and Labrador (the "Optioned Licence"). The Corporation also staked an additional 389 claims pursuant to Newfoundland Exploration Licences 018291M, 018292M and 018293M which cover 9725 hectares in surrounding and contiguous areas, for a total staked area of 10475 hectares (the "Empire Licences"). The project is referred to as the Wings Point Project.
The option agreement was entered into between Empire and Donald LeDrew and Derrick Fancey (the "Optionors"). The option agreement grants the Corporation the option to purchase a 100% interest in the Optioned Licence by making payments of $180,000 and 400,000 common shares to the Optionors over four years. The claims are subject to a 3% NSR, 2/3rds of which can be bought back by the Corporation for two million dollars. If Empire is able to identify 1 Million ounces of gold on the Optioned Licence and the Empire Licences in the Measured and Indicated categories of a NI43-101an additional 150,000 shares will be issued and if Empire is able to identify 2 Million ounces of gold on the Optioned Licence and the Empire Licences in the Measured and Indicated categories of a NI43-101 an additional 200,000 shares will be issued. A finders fee is payable for the transaction in accordance with Policy 5.1. of the TSX Venture Exchange. This transaction is subject to acceptance by the TSX Venture Exchange.
Empire is presently sampling and prospecting the property and an update on the project will be issued once the assays are in hand.
For more information please contact Terry Christopher at 902-405-3520, or at [email protected].
Empire Capital Corp. is a junior explorer focused on gold. Our model is to find exploration targets that have the potential for multi-million ounce deposits and to that end the company has been reviewing opportunities in Canada, Africa and South America.
This news release contains forward-looking statements which include statements regarding the Corporation's future plans, as well as statements regarding financial and business prospects and the Corporation's future plans, objectives or economic performance and financial outlooks. The Corporation believes that the expectations reflected in this news release are reasonable but actual results may be affected by a variety of variables and may be materially different from the results or events predicted in the forward-looking statements. Readers are therefore cautioned not to place undue reliance on these forward-looking statements.
There can be no assurance that the exploration program will identify any priority targets. The actual results and future events could differ materially from those anticipated in this news release. The time frames identified to work programs and other activities may vary significantly from actual completion of the proposed work programs.
In evaluating forward-looking statements readers should consider the risk factors which could cause actual results or events to differ materially from those indicated by such forward-looking statements. These forward-looking statements are made as of the date hereof, and unless otherwise required by applicable securities laws, the Corporation does not intend nor does it undertake any obligation to update or revise any forward-looking statements.
This news release has been reviewed and approved by Bill Reed, P.Geol, and a "qualified person" under National Instrument 43-101.
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 of accuracy of this release.
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