SOURCE: Aston Bay Ventures Ltd.
VANCOUVER, BC--(Marketwire - Jan 9, 2013) - Aston Bay Ventures Ltd. ("Aston Bay") is pleased to announce that it has signed an agreement with Teck Metals Ltd. ("Teck") for a license to their technical database on the Storm and Seal Projects, Somerset Island, Nunavut in exchange for 2.2 million common shares in Aston Bay, representing 12.4% of the company. The agreement was signed on December 28, 2012 and the data is expected to be delivered by February of 2013.
Teck has a right to maintain 9.9% ownership in Aston Bay for 18 months post the qualifying transaction ("QT") with Escudo Capital Corporation ("Escudo") (TSX VENTURE: EDO.P).
Teck has agreed to be escrowed on the same terms as Benjamin Cox, Michael Dufresne, and Commander Resources Ltd. (TSX VENTURE: CMD); currently set at two years from when the Escudo QT is finalized.
"It brings Teck back into the property as a key stakeholder," commented Benjamin Cox, President and CEO of Aston Bay. "We estimate that if we had to redo the equivalent technical work, it would take over two to three years and millions of dollars to do so."
"This deal gives us a basis to review and consolidate the historic database that has not been updated for over ten years, including a significant database of ground geophysical data that needs to be rationalized with the recent high quality VTEM airborne survey that has outlined a number of excellent geophysical anomalies in the vicinity of a number of high grade historic copper drill intersections in the Storm Project area," said Mike Dufresne, Chief Geologist. "This data is going to take a significant period to digest and reinterpret, and we expect to have news flow as we more fully compile and interpret the existing data for the property."
With the view that the market is going to stay weak through the third quarter of 2013, Aston Bay has built contingency plans for operation next year that will include keeping its overhead as low as possible and conducting a minimal but pointed and effective field program that will be designed to answer some significant questions and/or setup for a significant field program in the coming years.
Aston Bay plans to extensively outsource most of its core functions on an as needed basis to APEX Geoscience, Oreninc, and other third parties to prevent building up permanent staff and a fixed head count until significant capital is raised.
Aston Bay will be exhibiting at the Cambridge House Conference (booth #940) in Vancouver, BC this month where Benjamin Cox, President and CEO, will be giving the company's first public presentation. Aston Bay also has tentative booth sharing arrangements for exhibition at the PDAC International Convention, taking place in Toronto, ON from March 3-6.
This news release also includes forward-looking statements that involve a number of risks and uncertainties. The information reflects numerous assumptions as to industry performance, general business and economic conditions, regulatory and legal requirements, taxes and other matters, many of which are beyond the control of the company. Similarly, this information assumes certain future business decisions that are subject to change. There can be no assurance that the results predicted here will be realized. Actual results may vary from those represented, and those variations may be material.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.