HALIFAX, Nov. 16, 2016 /CNW/ - Stockport Exploration Inc. (TSXV: SPT) ("Stockport") announces that it has received notice from Sovereign Gold Company Limited ("Sovereign") of Australia that they will not exercise their option to acquire 100% of Stockport's 317 Claim Units within the Crescent Lake Lithium Prospect in Ontario, Canada, thereby allowing Stockport to maintain its 100% interest in the project.
Pursuant to the option agreement announced on June 22, 2016 between Stockport and Sovereign, Sovereign made an initial payment to Stockport of $100,000 upon signing of the option agreement and a further payment of $75,000 within 75 days of execution of the option agreement.
Jim Megann, President and CEO of Stockport, stated "Sovereign has been a great partner to begin the exploration of this highly prospective lithium prospect, and we will continue to focus on finding joint venture partners to continue the advancement of this project."
The Toronto Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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 Annual Information Form at www.sedar.com.
SOURCE Stockport Exploration Inc.
For further information: Jim Megann, President and CEO, (902) 482-1240, [email protected], www.stockportexploration.com