RICHMOND, BC, Aug. 15, 2017 /CNW/ -Mineral Hill Industries Ltd. ("Mineral Hill" or "Company") is pleased to report that its proposed future exploration partner, CPS Energy Resources Limited ("CPS"), has updated its shareholders on its to be developed OPL-236-project.
CPS is a UK incorporated private company of which Mineral Hill has executed Share Purchase Agreement with existing shareholders of CPS ("SPA") to acquire 45% of CPS' outstanding shares and Mineral Hill has also negotiated the irrevocable Right of First Refusal to acquire additional 8% of the outstanding shares of CPS held by two CPS shareholders (see the Company's announcement of January 16, 2017).
CPS announced, in particular, certain findings of a major study undertaken by a qualified integrated energy services company ("QIESC") as a "Competent Persons Report" or CPR to be updated to comply with NI 51-101 and COGE Handbook standards.
QIESC used data and reports which included the following; seismic database in an HIS Kingdom project, an asset evaluation report from 2010, a drilling report from 1988, a geological study of OML 48, a petrophysical review of the block undertaken in 2007.
CPS Energy Resources entered into an option agreement to jointly develop the contract area covered by OPL 236. After commercial, technical and legal due diligence, CPS has exercised its option to acquire an 80.75% participating interest in the production sharing agreement for OPL 236 subject to receipt of ministerial and corporate consent including final regulatory approval, further to which full asset transfer shall take place.
The SPA necessitates that the above mentioned QIESC report will be updated with a full "NI-51-101" report before the final approval of the Acquisition by the TSX-V.
The Company seeks Safe Harbor
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 this release.
SOURCE Mineral Hill Industries Ltd.
For further information: Dieter Peter, President & CEO, Phone: (604) 278-1135, #1140-13700 Mayfield Place, Richmond, BC, Canada V6V 2E4, Email: [email protected]