HALIFAX, July 25, 2017 /CNW/ - Stockport Exploration Inc. (TSXV: SPT) ("Stockport") is pleased to announce it has formally completed the cash and share option agreement with Ardiden Limited (ASX: ADV) of West Perth, Australia ("Ardiden") to acquire 100% of Stockport's Seymour Lake concessions.
In order to complete the acquisition of the Seymour Lake concessions, Ardiden was required to pay total instalments to Stockport of $350,000 and issue $250,000 of Ardiden shares. Since the initial signing of the option agreement in 2016, Ardiden has made previous cash payments of $150,000 and issued $250,000 of Ardiden shares to Stockport, for a total compensation of $1,000,000 to finalize the transfer of 100% of Seymour Lake to Ardiden. Seymour Lake has an existing 3% net smelter royalty ("NSR") held by an independent third party, and Stockport maintains the option to purchase a 1.5% NSR from the third party for payment of $1,000,000.
Seymour Lake is a lithium-beryllium-tantalum site located within the Caribou Lake Greenstone Belt, 230 kilometres north-northeast of Thunder Bay, Ontario, Canada. The property covers an area of approximately five by six kilometres. The claim group purchased by Ardiden is located on an all-weather, year round, two-lane, main haulage road and the project has excellent proximity to existing rail sidings on the main CN rail line, and close proximity to a major power grid provided by Ontario Power Generation.
"The completion of the agreement with Ardiden shows the strong geological foundation at Seymour Lake and its surrounding area. The sale provides a great opportunity for Stockport to further realize the value of its other properties in the Crescent Lake area of Ontario," stated Jim Megann, CEO of Stockport.
Stockport is focused on the exploration of a district-scale land package along a prolific gold-hosting greenstone belt in southwest Kenya. The property package has potential to host various mineral deposit types, the most prominent being those of Lode-Gold and Copper-Zinc-Gold-Silver massive sulphide association. Stockport also holds the La Morena Copper-Silver property in Coahuila, Mexico, and the KM61 property, which hosts a National Instrument 43-101 compliant Molybdenum-Copper-Silver resource, also near Armstrong, Ontario.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, continuity of mineralization, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. For more information on the Company and the risk factors inherent in its business, investors should review the Company's information at www.sedar.com.
SOURCE Stockport Exploration Inc.
For further information: STOCKPORT EXPLORATION INC., Jim Megann, President and CEO, (902) 482-1240, [email protected], www.stockportexploration.com