VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 22, 2014) - Goldstrike Resources Ltd. (TSX VENTURE:GSR)(PINKSHEETS:APRAF)(FRANKFURT:KCG1) is pleased to report that it has retained the services of Mr. Joon Hong to solicit expressions of interest from Korean-based firms for an agreement to fund a multi-year exploration and development program on the Plateau South mineral property in Yukon, Canada. He has also agreed to provide post-closing advisory and liaison services with the potential Korean partner as required, as the proposal contemplates establishment of an exploration fund to be managed by Goldstrike over a period of up to eight years with the ultimate objective of taking a deposit on the property to feasibility, in return for which the investor would earn an interest in the deposit. Mr. Hong was instrumental in arranging similar financing for Petro One Energy Corp., announced on July 28, 2014.
The Company has agreed to compensate Mr. Hong for his introductory services, conditional on establishment of such a fund, by issuing to him Goldstrike shares having aggregate issue price equal to 5% of the funds ultimately advanced, or double that number of warrants, with pricing to be determined at the relevant time. In addition, to secure his assistance in post-closing dealings with the funding entity, Goldstrike has granted to Mr. Hong incentive stock options exercisable to purchase up to 1,000,000 shares of the Company at the price of $0.20 per share. Such options will not vest and become exercisable until such a fund is established. They will thereafter be exercisable for five years from the date of this news release. The arrangement with Mr. Hong includes an allowance for the grant of additional options if the funding continues over the contemplated eight year period. The arrangements with Mr. Hong, including the subject option grant, are subject to acceptance of required filings by the TSX Venture Exchange.
ON BEHALF OF THE BOARD
Terrence E. King, President and Chief Executive Officer
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 release.
For further information on the Company and its projects, please visit GoldstrikeResources.com and follow the Company's tweets at Twitter.com/GoldstrikeRes, or contact Jeff Stuart of King James Capital Corporation, handling Investor Relations for the Company, by telephone at (604) 210-2150 or by email at firstname.lastname@example.org.