Signature Resources Ltd.

March 30, 2016 08:00 ET

Signature Announces Entering Into of Amended Option Agreement to Facilitate Closing of the Acquisition of the East Lingman Lake Property

TORONTO, ONTARIO--(Marketwired - March 30, 2016) - Signature Resources Ltd. (TSX VENTURE:SGU)(OTC PINK:SGGTF) ("Signature" or the "Company") is pleased to announce that further to the Company's press release dated November 6, 2013, effective March 21, 2016 the Company entered into an amended option agreement with a group led by Mr. John Leliever (the "Agreement") in respect of the option (the "Option") to acquire the East Lingman Lake Property (the "Property"), a property consisting of twelve staked claims located in the Kenora District, Province of Ontario totalling 538.3 hectares.

Pursuant to the terms of the Agreement, which are subject to final approval by the TSX Venture Exchange (the "TSXV"), Signature has until December 31, 2016 to exercise the Option over the Property. Overdue amounts originally due to Mr. Leliever's group on June 30, 2014 and 2015, and if applicable June 1, 2016, shall accrue interest at a rate of 6% per annum, to a maximum of $50,000, with all amounts payable upon closing of the option exercise via the issuance of common shares. The entering into of this Agreement by Signature does not affect the terms of the option agreement between Mantis Mineral Corp. (now European Metals Corp.) and the Company dated November 4, 2013. At closing of the Agreement, the Company anticipates issuing up to an aggregate of 14,500,000 common shares of the Company.

Together with the Company's original four free hold patented claims and the twelve staked claims, an aggregate of 606.8 hectares now comprises the Lingman Lake Property. The Lingman Lake Property includes what has historically been referred to as the Lingman Lake Gold Mine, an underground substructure consisting of a 126.5-meter shaft, and 3-levels at 46-meters, 84-meters and 122-meters depths. The mine hosts a historic resource part of which, approximately 40% of the North Zone, resides on the Property.

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 news release.

Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Company 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 expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such.

Contact Information

  • Signature Resources Ltd.
    Walter Hanych
    Chief Executive Officer