TORONTO, ONTARIO--(Marketwired - April 27, 2016) - Greatbanks Resources Ltd. ("Greatbanks" or the "Company") (NEX BOARD:GTB.H) is pleased to announce that further to the Company's press release dated November 30, 2015, the Company remains committed to closing the asset purchase agreement with Ridge Resources Ltd. and Zimtu Capital Corp. (collectively, the "Vendors") to acquire a 100% interest in British Columbia mineral tenure 1037777 (the "Windy Claims"). As a result of the Company being transferred to the NEX effective March 21, 2016, the Company and the Vendors entered into an amended and restated asset purchase agreement dated April 21, 2016 (the "Agreement"). Pursuant to the terms of the Agreement, the Vendors will receive an aggregate of 2,000,000 common shares (the "Shares") of the Company at a deemed price of $0.05 per Share or $100,000 in the aggregate on closing of the Agreement. In addition, the Vendors will receive a 2% net smelter royalty on any production from the Windy Claims. Closing of the Agreement remains subject to final approval of the NEX.
The Windy Claims comprise 1,319.08 hectares and is located in the Cassiar District of the Province of British Columbia. Based on the Company's review of historical data and technical analysis, the Company has concluded that the Windy Claims are worthy of further exploratory work, and is in the process of commissioning a National Instrument 43-101 compliant technical report (the "Technical Report"). Upon completion of the Technical Report an exploration and drilling program will be developed and executed (the "Work Program").
Following closing of the Agreement, the Company has agreed to make one board of directors (the "Board") position available to a designee of the Vendor (the "Vendor Designee"). It is expected that the Vendor Designee will be appointed to the Board in mid-2016, which is expected to be the time at which the Company commences the Work Program.
ON BEHALF OF THE BOARD OF DIRECTORS
"Andrew Male"
President and Chief Executive Officer
About Greatbanks Resources Ltd.
Greatbanks Resources Ltd. is a Toronto, Canada based mineral exploration company focused on identifying producing assets and near term production opportunities.
Disclaimer
Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information is identified by words such as "estimates", "intends", "expects", "believes", "may", "will" and include, without limitation, statements regarding the Company's plan of business operations, estimates regarding mineral resources, projections regarding mineralization and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, risks inherent in the mining industry, financing risks, labour risks, uncertainty of mineral resource estimates, equipment and supply risks, title disputes, regulatory risks and environmental concerns. Most of these factors are outside the control of the company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.
Contact Information:
President and Chief Executive Officer
604-561-0840
andrew@greatbanksesources.com