Crystal Lake Mining Corporation (“CLM” or the “Company”) announces that pursuant to a right of first refusal, it has entered into a purchase agreement dated January 20, 2017, with Emerald Lake Development Corporation (“ELD”). The purchase agreement will allow the Company to acquire a one hundred (100%) percent interest in the mineral rights hosted by the properties known as Property #1 Property #5, Property #7 and Property #8, located near Emo, Ontario.
The 4 separate prospective claim blocks have similar geological characteristics to the EL1 and EL5 property blocks which the Company currently holds under option, targeting Ni, Cu, Co, and PGM’s massive sulphides.
In order to complete the acquisition of the 4 separate and highly prospective claim blocks (covering approximately 2,000 acres), the Company will issue a total of 7,500,000 common shares to ELDC for 100% interest in the properties. ELDC has agreed to an 18 month voluntary hold period on the CLM shares. The company shall also pay to ELDC the sum of $50,000 upon closing of its next equity financing.A royalty consisting of 3% of net smelter returns shall be payable to ELD upon the commencement of commercial production. This acquisition remains subject to TSX-V approval.
About the Company
Crystal Lake is a mineral exploration company focused on creating value through the exploration and development of its British Columbia and Ontario mineral properties.
On behalf of The Board of Directors of Crystal Lake Mining.
Wally Boguski, President & CEO, Crystal Lake Mining Corporation
Neither 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 press release, which has been prepared by management.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes 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 forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.