VANCOUVER, BC--(Marketwired - April 06, 2017) - Aida Minerals Corp. (CSE: AMC) (the "Optionee") is pleased to announce pursuant to the Mineral Property Option Agreement (the "Option Agreement"), Aida has the right to explore and develop the Tay-LP Gold Property located approximately 47 kilometers southwest of Ross River, Yukon Territory.
In consideration of the Tay-LP Option Agreement, Aida has agreed to issue 200,000 shares to Long and Associates (the "Optionor"). Further consideration consists of cash payment of $20,000 by September 3, 2017, and a further $25,000 on or before December 30, 2017, and further cash payments of $40,000 on or before December 30, 2018; $60,000 on or before December 30, 2019; and $100,000 on or before December 30, 2020. Work commitments are $150,000 in 2017; $250,000 in 2018; $500,000 in 2019; and $1,000,000 in 2020. The Optionor will retain a two (2) percent net smelter return upon completion of the terms to acquire 100% of the property, with a $20,000 per year pre-production Royalty paid on or before December 30, of each year. This is repayable to Optionee upon commencement of production and sale of product. The Company doesn't have funds on hand to carry out the exploration and is reliant on raising further funds from an equity financing or assigning the obligations to a joint venture partner.
The Tay-LP property consists of 413 claims covering a 20 km-long by 4 km-wide belt of gold prospects (7,880 hectares) on which several million dollars have been spent on exploration since 1984. The property has good road access, favourable gold geology, multiple exploration targets, and strong potential to make new gold discoveries. A National Instrument 43-101 compliant technical report, prepared by David Dunn P.Geo. and James Moors P.Geo. for Canarc Resource Corp., and available on SEDAR, states that the Tay-LP Property has good potential to host an economic replacement type gold deposit. The Technical Report, dated March 30, 2010 recommended three major phases of work. The first phase consisting of a 470 kilometer helicopter borne VTEM and magnetometer geophysical survey was completed in May 2010 and successfully identified several new EM conductors and magnetic anomalies within prospective geological settings. Aida is currently prioritizing the new targets outlined in the 2010 airborne geophysical survey for follow-up ground exploration and geophysics, and will endeavor to raise funds to update the 2010 recommendations and fund further exploration and development during 2017.
The Company is also pleased to announce that $80,000 of debt that was due December 7, 2016 plus 10% interest has been renegotiated with monthly payment terms starting at $5,000 per month and escalating to $10,000 per month on August 1, 2017.
ON BEHALF OF THE BOARD
Statements in this news release may be viewed as forward-looking statements. Such statements involve risks and uncertainties that could cause actual results to differ materially from those projected. There are no assurances the company can fulfill such forward-looking statements and the company undertakes no obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing the company, some of which are beyond the company's control.