VANCOUVER, BC--(Marketwired - February 02, 2017) - Genesis Metals Corp. (TSX VENTURE: GIS) ("Genesis" or the "Company") is pleased to announce that it has entered into a binding purchase and sale agreement (the "Purchase Agreement") to acquire a 100% interest in the Hygrade Property (the "Property") from Les Ressources Tectonic Inc. ("Tectonic"). The Property is located within the boundaries of the Company's Chevrier Project near Chibougamau, Quebec.
The Property is comprised of 9 contiguous claims and represents an area of 254 ha (2.54 km2). Subject to regulatory approval, Genesis will acquire an undivided 100% interest in the Property by:
- making a cash payment to Tectonic of C$25,000
- issuing 166,666 common shares of Genesis to Tectonic
- granting a 2% net smelter royalty to Tectonic, which royalty may be decreased to 1% at any time by paying Tectonic the sum of C$1,500,000, on the third business day following receipt of TSX Venture Exchange approval.
About Genesis Metals
The Company is focused on advancing the Chevrier Gold Project located 35 km southwest of Chibougamau, Quebec. The Project is located along the Fancamp Deformation Zone, 15 km northeast of the high-grade Monster Lake gold discovery.
Genesis also owns 100% the 203 km2 October Gold project located in the southern Swayze greenstone belt in Benton Township, Ontario. This project is located 35 km northwest of IAMGold's Cote Lake deposit and 50km southeast of Goldcorp's Borden gold deposit.
ON BEHALF OF THE BOARD
CEO and Director
Executive Vice-President and Director
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.
Certain disclosure in this release constitute forward-looking information or statements (collectively, "forward-looking statements") for the purpose of applicable securities laws. In making the forward-looking statements, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company, including that the Company is able to obtain any government or other regulatory approvals required to complete the Company's planned exploration and development activities, that the Company is able to procure personnel, equipment and supplies required for its exploration and development activities in sufficient quantities and on a timely basis and that actual results of exploration activities are consistent with management's expectations. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, that the Company will be unable to obtain required regulatory approvals on a timely basis or at all, that actual results of the Company's exploration activities will be different than those expected by management and that the Company will be unable to obtain or will experience delays in obtaining any required government approvals or be unable to procure required equipment and supplies in sufficient quantities and on a timely basis. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.