Hunter Bay Minerals Plc
TSX VENTURE : HBY
OTCQX : HTBNF

September 05, 2013 14:43 ET

Hunter Bay Minerals Announces Amendment to Sela Creek Option

LONDON, UNITED KINGDOM--(Marketwired - Sept. 5, 2013) - Hunter Bay Minerals plc ("Hunter Bay") (TSX VENTURE:HBY)(OTCQX:HTBNF) is pleased to announce that it has entered into an amendment agreement (the "Amendment Agreement") amending the terms of its option agreement with Sela Kriki Okanisi Resources N.V. (the "Owner") dated December 21, 2010 (the "Option Agreement") whereby Hunter Bay has the option to acquire up to a 80% interest in the Sela Creek Project, located in eastern Suriname.

Under the terms of the Amendment Agreement, the Owner has agreed to remove Hunter Bay's obligation to incur $2,000,000 in exploration expenditures on the Sela Creek Project by December 21, 2013 (the "Exploration Expenditure Requirement"). In consideration of the removal of the Exploration Expenditure Requirement, Hunter Bay has agreed to issue to the Owner a total of 18,000,000 ordinary shares of the Company. Following the issuance of the shares, the Owner will own approximately 19.4% of Hunter Bay's issued and outstanding shares. As a result of the foregoing and upon TSX Venture Exchange approval, Hunter Bay will acquire a 70% interest in the Sela Creek Project.

The Amendment Agreement also provides that the completion date of the scoping study on the Sela Creek Project, which is required to earn an additional 10% in the Sela Creek Project, will be extended from December 21, 2014 to December 21, 2015. Notwithstanding this extension, Hunter Bay will still be required to make a cash payment of $500,000 to the Owner on December 21, 2014 in order to earn the additional 10% interest in the Sela Creek Project.

The Amendment Agreement and the transactions contemplated therein are subject to the approval of the TSX Venture Exchange.

Hunter Bay's Chief Executive Officer, Nico Civelli, comments that, "Our ability to work with Sela Kriki and acquire a 70% interest in the Sela Creek Project is a significant milestone for Hunter Bay. We are happy to have our local partner, Sela Kriki, become a significant shareholder of Hunter Bay and look forward to building upon on our strong working relationship with them."

Dr. Chris Wilson, Hunter Bay's Chairman, comments that, "I am delighted that Sela Kriki and the new CEO of Hunter Bay, Mr. Civelli, worked together to negotiate this milestone agreement. Throughout the term of the Option Agreement, Hunter Bay's management and Sela Kriki have developed a strong working relationship to further the exploration and development of the Sela Creek Project. The junior mining markets have posed significant challenges of late and this agreement demonstrates Sela Kriki's understanding of the challenges that junior mining companies face in today's markets."

About Hunter Bay

Hunter Bay is engaged in the acquisition, exploration and development of mineral resource properties located in South America and Canada. Hunter Bay's lead project is the Sela Creek Project, located in Suriname, in which Hunter Bay has an option to acquire up to an eighty percent (80%) interest. Hunter Bay also owns a one-hundred percent (100%) interest in the Great Bear Lake Properties located in the eastern side of Great Bear Lake, NWT, Canada.

Forward-Looking Statements

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Hunter Bay cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Hunter Bay's control. Such factors include, among other things: risks and uncertainties relating to Hunter Bay's ability to complete its proposed exploration program on the Sela Creek Project. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Hunter Bay undertakes no obligation to publicly update or revise forward-looking information.

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.

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