Vancouver, BC – Crystal Lake Mining Corporation (the “Company”) is pleased to announce that pursuant to a right of first refusal, it has entered into an amended purchase agreement dated January 20, 2017, with Emerald Lake Development Corporation (“ELD”).
The Company will 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, PGM’s and massive sulphides.
In addition, after further due diligence the Company has exercised its option and entered into an agreement to also acquire Property #2 and Property #4 (see press release dated September 30, 2016), also located near Emo.
In order to complete the acquisition of the 6 separate and highly prospective claim blocks, the Company will issue a total of 10,500,000 common shares to ELDC for a 100% interest in the properties. ELDC has agreed to an 18 month voluntary hold period on the issued shares.
The company shall also pay to ELDC the sum of CDN$50,000 upon closing of its next majority equity financing. An amended royalty of 2% of net smelter returns shall be payable to ELD upon the commencement of commercial production from any of the noted properties – 1% may be purchased $1 million dollars. This acquisition remains subject to TSXV approval.
About the Company
Crystal Lake Mining Corporation is a mineral exploration/Development 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 Corporation.
Alphonse Ruggiero, Director/CFO
This news release contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the control of Crystal Lake Mining Corporation which may cause actual results, performance or achievements of Crystal Lake Mining Corporation on to be materially different from the results, performance or expectation implied by these forward looking statements.
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.
