Resolve Ventures Provides Update Regarding Neptune Property Option
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 20, 2016) - Resolve Ventures Inc. ("Resolve" or the "Company") (TSX VENTURE:RSV) wishes to announce that the Company's Joint Venture and Option Agreement partner, Nevada Sunrise Gold Corp. ("Nevada Sunrise") (TSX VENTURE:NEV), has recently announced that it has granted North South Petroleum Corp. ("North South") (TSX VENTURE:NAS.H) the right to earn a 50% interest in the Neptune Property should Resolve choose to waive its right to earn a further 25% interest in the Neptune Property.
Neptune Property Option
Nevada Sunrise has granted North South the right to earn a 50% interest in the Neptune Property, subject to, among other things:
- Resolve waiving its right to earn a further 25% interest in the Neptune Property;
- Nevada Sunrise, Resolve and North South entering into an amending agreement to the existing Neptune Option Agreement between Resolve and Nevada Sunrise, on terms acceptable to all three parties;
- North South incurring exploration expenditures of CDN$700,000 on the Neptune Property; and
- North South exercising its option.
If these conditions are met, a joint venture would be formed between North South (50%), Nevada Sunrise (25%) and Resolve (25%), on substantially the same terms as are set out in the current agreement between Nevada Sunrise and Resolve.
Neptune consists of 316 unpatented 20-acre placer claims totaling approximately 6,320 acres (2,557 hectares) and is located in an active area of lithium exploration and mining. The Silver Peak lithium mine operation, acquired by Albemarle Corporation (NYSE:ALB) in 2015, has extracted lithium minerals from brines continuously since 1966 and is located approximately 10 miles (15 kilometres) to the north of Neptune. Pure Energy Minerals Ltd. (TSX VENTURE:PE) and Lithium-X Energy Corp. (TSX ENTUREV:LIX) hold claims near or adjacent to the Neptune Property. Nevada Sunrise has an option to earn a 100% interest in Neptune, subject to a 3.0% gross overriding royalty (see Nevada Sunrise's news release dated September 21, 2015 for further details of the Neptune underlying option agreement).
About Resolve Ventures
Resolve is a junior mineral exploration company based in Vancouver, BC, Canada. Resolve has earned a 25% working interest in Nevada Sunrise's interest in Neptune, and can earn up to a 50% working interest after completing certain cash or share payments to Nevada Sunrise, and by incurring an additional CDN$700,000 in exploration expenditures over a 2-year period (see the Company's news release dated March 4, 2016 for details of the Nevada Sunrise-Resolve option agreement).
For further information on the Neptune Property, please see the technical report prepared in accordance with National Instrument 43-101, which is dated February 29, 2016, and filed on SEDAR by Resolve on May 3, 2016.
ON BEHALF OF THE BOARD OF DIRECTORS
David Baker, President and CEO
FORWARD LOOKING STATEMENTS
All statements in this release, other than statements of historical fact, are "forward-looking information" with respect to Resolve within the meaning of applicable Canadian securities laws, including statements that address the Company's use of funds, the future price of lithium, potential quantity and/or grade of minerals, potential size of a mineralized zone, potential expansion of mineralization, the timing and results of future resource estimates, or other study, proposed exploration and development of our exploration properties, the estimation of mineral resources. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "project", "predict", "potential", "targeting", "intends", "believe", "potential", and similar expressions, or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of Resolve Ventures to differ materially from those anticipated in such forward-looking information.
Although Resolve has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
Forward-looking statements are made as of the date hereof and accordingly are subject to change after such date. Except as otherwise indicated by Resolve, these statements do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetizations, mergers, acquisitions, other business combinations or other transactions that may be announced or that may occur after the date hereof. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of our operating environment. Resolve does not undertake to update any forward-looking statements that are included in this document, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.
Resolve Ventures Inc.
President and CEO
(604) 817-4211 or (604) 685-3317