TORONTO, Dec. 21 /CNW/ - Hudson River Minerals Ltd. (TSX-V: HRM or "Hudson River") is pleased to announce that it has entered into a Purchase and Sale Agreement (the "Agreement") to purchase 53 mining claims (the "Properties") totaling 703 units in the northern and southern portions of the Ring of Fire area of northern Ontario from Temex Resources Corp. (TSX-V: TME, FWB:TQ1, or "Temex").
Terms of the Agreement:
Temex has agreed to sell its 100% interest in the Properties to Hudson River for the following:
- 1,500,000 common shares of Hudson River Minerals Ltd.
- 1,500,000 common share purchase warrants with each warrant entitling Temex to purchase one common share of Hudson River Minerals Ltd. at a price of $0.30 per share for a period of two years from the date of issuance.
Upon payment of the 1,500,000 common shares and the 1,500,000 common share purchase warrants, Hudson River will own 100% of the Properties and Temex will have no further interest, title or obligations in the Properties. Hudson River has agreed to spend a minimum of $250,000 to drill known airborne electromagnetic targets in the vicinity of an intersection of zinc mineralization previously discovered by White Pine Resources. Should Hudson River not make the expenditures on the claims, Hudson River will issue to Temex an additional 500,000 common shares of Hudson River.
The Agreement is subject to all necessary regulatory approvals and all securities issued in connection with this transaction are subject to a 4 month plus 1 day hold period from the date of issuance. The Agreement has been approved by the Board of Directors of both Temex and Hudson River.
About Hudson River Minerals Ltd.
Hudson River is focused on the discovery of nickel, copper and platinum group element (Ni-Cu-PGE) deposits, volcanogenic massive sulphide (VMS) deposits and precious metals. The management team has experience exploring in areas with no geologic outcrop and that rely heavily on geophysical technologies for discovery. For more details on Hudson River's properties see the National Instrument 43-101 technicalreport, which is available at www.sedar.com or visit www.hudsonriverminerals.com.
This document may contain forward-looking statements relating to Hudson River's operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Hudson River's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filings. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. Hudson River disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
For further information: For further information:
Hudson River Minerals Ltd.
Stephen J. Balch, President and CEO
Tel: (905) 407-9586