December 20, 2016 16:51 ET
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 20, 2016) - Bearclaw Capital Corp. (TSX VENTURE:BRL)(FRANKFURT:5BQ) (the "Company") is pleased to announce that it has entered into an agreement with Evrim Resources and Liberty Leaf Holdings, dated December 9, 2016 (the "Purchase Agreement") to sell a 100% interest in the Axe mineral property. The Company and Liberty Leaf are parties to a joint venture (the "Axe JV") in which they hold the beneficial interest in 25 mineral claims located in British Columbia, Canada, known as the Axe Property, with the Company holding a 30% interest and Liberty Leaf holding a 70% interest (the "Participating Interest").
The Axe Property is located in the Similkameen Mining division, 20 Km north of Princeton, British Columbia. The property is an advanced stage project with known porphyry copper mineralization, which has been the subject of numerous drill programs since the 1960's. Under the terms of the purchase agreement, Evrim Resources will pay $30,000 ($21,000 to Liberty and $9,000 to Bearclaw) and additional consideration consisting of cash or shares, at Evrim's election, in the event certain exploration milestones are made or joint venture payments are received. In addition, the Company retains a 0.30% interest of a 1% Net Smelter Royalty that can be purchased for $1.5 million ($450,000 to Bearclaw and $1,050,000 to Liberty Leaf) at any time.
On behalf of the Board
Scott M. Ross, President and Chief Executive Officer
Bearclaw Capital Corp.
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.
Bearclaw Capital Corp.Scott M. RossPresident and Chief Executive Officer1-604-803-48831-604-682-0318 (FAX)email@example.com
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