TORONTO, Sept. 3, 2015 /CNW/ - GPM Metals Inc. ("GPM") (TSXV:GPM), is pleased to announce that it has entered into an agreement with Francisco Javier Solano Ore (the "Vendor"), Chaska Resources SAC and Guyana Precious Metals Inc. (each an indirect subsidiary of GPM) providing for the indirect acquisition by GPM of a 100% interest in the property known as the Pasco property located in Huachon, Province of Pasco, Department of Pasco, Peru (the "Acquisition"). The consideration payable to the Vendor for the Acquisition will consist of a cash payment of US$16,750 (comprised of US$13,000.00 for initial geochemical sampling, and US$3,750.00 for payment of tenement rent and staking costs) and the issuance of 50,000 common shares of GPM.
The property consists of 5,500 hectares of highly prospective ground, located approximately 25 km. NE of the historic silver, lead and zinc Cerro de Pasco Mine.
The property contains strong Zn, Pb, and Ag soil anomalies hosted in a Jurassic Pucara formation.
The targeted alteration system has an estimated foot print of 500 meters X 5 kilometers.
An exploration field team is expected to be mobilizing within 15 days to the Pasco property to commence a comprehensive 7000 sample soil and rock chip sampling program. It is anticipated that this stage of the exploration program will be completed within 10 weeks of the start date.
ABOUT GPM METALS INC.
GPM Metals Inc. focuses on acquiring and exploring district scale exploration properties. Currently the two main projects are the company's Walker Gossan Project, NT; and the Weebigee Gold Project in Sandy Lake, Ontario.
All scientific and technical information in this press release has been prepared under the supervision of Dan Noone, (Vice President Exploration and a, Director of GPM), a "qualified person" within the meaning of National Instrument 43-101. Mr. Noone (B.Sc Geology, MBA) is a member of the Australian Institute of Geoscientists.
The completion of the Acquisition is subject to the satisfaction of certain conditions, including among other things, the final approval of the TSX Venture Exchange.
Forward Looking Statements
Completion of the Acquisition is subject to a number of conditions, including TSX Venture Exchange acceptance. The Acquisition cannot close until the required regulatory approvals are obtained. There can be no assurance that the Acquisition will be completed as proposed or at all. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding completion of the Acquisition and future exploration plans for the Pasco property are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the GPM's expectations are exploration risks detailed herein and from time to time in the filings made by GPM with securities regulators.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE GPM Metals Inc.
For further information: GPM Metals Inc., Suite 1205, 141 Adelaide Street West, Toronto, Ontario M5H 3L5, Attn: John Patrick Sheridan, Tel: (416) 628-5904, Fax: (416) 628-5935, E-mail: [email protected]