VANCOUVER, British Columbia, Aug. 03, 2017 (GLOBE NEWSWIRE) -- Gray Rock Resources Ltd. (TSX-V:GRK) (the “Company” or “Gray Rock”) is pleased to announce that further to its press release dated June 19, 2017 it has received regulatory acceptance to a binding option agreement (the “Option Agreement”) with DeCoors Mining Corp. (“DeCoors”) to acquire the Hot Bath Property, located near Dease Lake, British Columbia, comprising eleven mineral claims covering a total area of 3,634 hectares.
The terms of the Option Agreement are:
- The Company may make three option payments to Decoors by the issuance of common shares of Gray Rock in three installments up to a total of 1,500,000 shares over three (3) years, as follows:
(a) The first 150,000 shares on or before the first anniversary of the Approval Date (being August 3, 2018);
(b) The next 450,000 shares on or before the second anniversary of the Approval Date; and
(c) The balance of 900,000 shares on or before the third anniversary of the Approval Date.
- Decoors has reserved a 1.5% net smelter returns royalty (the “NSR”) from commercial production; and
- The Company may elect to reduce Decoors’ NSR to only 0.5% at any time prior to the commencement of commercial production, upon the payment to Decoors of $1,000,000.
Mr. John Buckle, P.Geo., P.Geoph., a Qualified Person as defined by NI 43-101, has reviewed and approved the scientific and technical disclosure in this news release. Mr. Buckle is a director of the Company, and is not an independent Qualified Person.
For further information please contact Gray Rock Resources Ltd. at ph. (604) 682-3701, or log onto our website at www.grayrockresources.com
ON BEHALF OF THE BOARD
President & CEO
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 release contains statements that are forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading “Risk Factors” and elsewhere in the Company’s periodic filings with Canadian securities regulators. Such information contained herein represents management’s best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
GRAY ROCK RESOURCES LTD. Suite 900 – 570 Granville Street Vancouver, BC V6C 3P1 Ph: (604) 682-3701 ♦ Fax: (604) 682-3600 www.grayrockresources.com ♦ firstname.lastname@example.org