Currie Rose Resources Inc. Improves Rossland Option Agreement
Toronto, April 16, 2020 - Currie Rose Resources Inc. (TSXV: CUI) ("Currie" or the "Company") is pleased to advise that, the Parties to the Rossland Gold Project ("Rossland") have agreed to amend the terms of the Option agreements to acquire Rossland (announced on May 18, 2018 and revised on September 3, 2019) to take into account current market conditions as well as practical limitations on work requirements due to the global Covid-19 pandemic.
Under the revised terms, Rossland vendors (two private companies, 0704723 BC LTD and 0811662 BC LTD) (together, the "Vendors") have agreed to forgo all expenditure requirements for the current Stage 2 period and have further agreed to reduce the total minimum expenditure to $1,000,000 and to be completed by January 14, 2023.
The Company will maintain the claims in good standing by paying all permit and statutory expenditures and has further agreed that should the Company not meet the new minimum expenditure; it can rectify any breach by paying the Vendors a total of $100,000 cash.
The overall option payments announced on September 3, 2019 remain in place. However, the Vendors have agreed to quarterly instalments thereby extending the term to April 2023 (from the initial date of April 2022).
Revised Option Payment Schedule:
Stage 2 - Quarterly payments of $62,500 ($250,000 annually) beginning July 14, 2020;
Stage 3 - Quarterly payments of $75,000 ($300,000 annually) beginning July 14, 2021;
Stage 4 - Quarterly payments of $87,500 ($350,000 annually) beginning July 14, 2022.
All other conditions of the agreements remain unchanged and at the completion of the above, the project will be 100% owned by Currie Rose.
Michael Griffiths, Currie's President and CEO, commented: "These revised terms will give the Company greater flexibility by removing the expenditure commitments and spreading vendor payments over a longer period and on a quarterly basis with the first instalment delayed to July 2020. However, raising exploration funds has been a difficult issue for the industry for a number of years and the recent impacts of Covid-19 are still evolving and unprecedented. We certainly hope to have a better understanding of the future by July when we are due to make our next cash payment."
Mr Griffiths further commented, "We remain optimistic that we will be able to undertake field work this summer."
Figure 1: Rossland Gold Project
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About the Rossland Gold Project
The Rossland Gold Project is situated 10km west from the Trail Zinc Smelter in south-central British Columbia and is an advanced brownfields opportunity with little co-ordinated modern exploration due to previous fragmented claim ownership. The Currie package surrounds most of the Rossland mines that produced more than 2.7 million ounces of gold, 3.5 million ounces of silver and 71,000 tonnes of copper between 1894 and 1941 and ranks as the third largest lode gold camp in British Columbia.
FOR ADDITIONAL INFORMATION IN RESPECT OF CURRIE ROSE, PLEASE CONTACT:
Mike Griffiths, CEO
Catherine Beckett, Manager Corporate Affairs
About Currie Rose Resources Inc.
Currie Rose is a precious metal explorer focused on identifying high value assets in Canada and delivering responsible exploration outcomes that meet shareholder expectations and provide community opportunities. The company is currently focussed on the Rossland Gold Project in British Columbia.
Please visit our website located at www.currierose.com
Scientific and technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and reviewed and approved on behalf Currie Rose Resources by Michael Griffiths, FAusIMM, President & CEO for Currie Rose, a Qualified Person.
Forward Looking Statements
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.
This news release may contain forward-looking statements that are based on the Company's expectations, estimates and projections regarding its business and the economic environment in which it operates. Statements about the closing of the transaction, expected terms of the transaction, the number of securities of Currie Rose that may be issued in connection with the transaction, and the parties' ability to satisfy closing conditions and receive necessary approvals are all forward-looking information. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.