Paget Minerals Corp.
TSX VENTURE : PGS

Paget Minerals Corp.

June 16, 2015 14:00 ET

Paget Obtains Shareholder Approval for Vending of the Ball Creek Project, BC

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 16, 2015) - Paget Minerals Corp. (TSX VENTURE:PGS), ("Paget" or the "Company") is pleased to announce that further to the Company's news release on April 27, 2015, the Ball Creek agreement (the "Agreement") between Paget and Evrim Resources Corp. (TSX VENTURE:EVM) ("Evrim") has been approved by Paget's shareholders. The Agreement remains subject to acceptance by the TSX Venture Exchange.

Evrim will acquire a 100% interest in the Ball Creek Project in northwest British Columbia. Drilling and surface work on the 52,000 hectare property has shown significant copper-gold-molybdenum porphyry-style mineralization and indications of epithermal gold-silver deposits.

Paget's President and CEO, David Volkert, commented, "Paget will receive an up-front cash payment as well as participation in the future success of the Ball Creek Project through cash or share payments as certain exploration milestones are achieved or as joint venture payments are received by Evrim. The Company intends to remain active as a prospect generator by identifying and acquiring target properties in Canada and the Americas Cordillera."

The Agreement

Paget will receive $150,000 cash at closing plus the following Evrim shares (or cash equivalent):

  • 100,000 Evrim Shares within 14 days of Evrim entering into a future option, earn-in or purchase and sale agreement with a third party (a "Future Agreement");

  • 250,000 Evrim Shares upon the completion by Evrim, or any third party with which Evrim has entered into a Future Agreement, of an aggregate of 10,000 metres of drilling;

  • 400,000 Evrim Shares upon the announcement by Evrim, or any third party with which Evrim has entered into a Future Agreement, of a measured or indicated mineral resource estimate of at least 500,000,000 tonnes at a grade of at least 0.50% Copper Equivalent; and

  • 500,000 Evrim Shares upon the completion by Evrim, or any third party with which Evrim has entered into a Future Agreement, of a Feasibility Study on the Ball Creek Property.

In addition, Paget will receive the following percentages of any future payments received by Evrim from any Future Agreement:

  • 40% on or before the first anniversary date of any Future Agreement;

  • 30% after the first anniversary date of any Future Agreement and on or before the second anniversary date of any Future Agreement;

  • 20% after the second anniversary date of any Future Agreement and on or before the third anniversary date of any Future Agreement; and

  • 10% after the third anniversary date of any Future Agreement and on or before the fourth anniversary date of any Future Agreement.

The Evrim-Paget agreement is arm's length and no finder's fees are payable.

About Paget Minerals Corp.

Paget Minerals Corporation is a publicly traded resource company focused on mineral exploration and as a prospect generator continues to identify and acquire target properties in Canada and the Americas Cordillera. David Volkert, President and CEO, serves as the Qualified Person under the definitions of NI 43-101.

On Behalf of the Board of Paget Minerals Corp.,

"David F. Volkert"

President & CEO

Contact Information

  • Paget Minerals Corp.
    David F. Volkert
    President & CEO
    778 938 9734
    604 513 5708 (FAX)