Sypher Resources Ltd.
CNSX : SYP

May 10, 2013 14:38 ET

Sypher Amends McBride Option Agreement

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 10, 2013) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Sypher Resources Ltd. ("Sypher" or the "Company") (CNSX:SYP) is pleased to announce that an amended option agreement (the "Option Agreement") has been executed with Nevgold Resource Corp., a subsidiary of Silver Predator Corp. (the "Optionor") (TSX:SPD) relating to the McBride gold property (the "Property") located in Manitoba's Lynn Lake greenstone belt.

Under the amended agreement, Sypher can earn an undivided 100% legal and beneficial interest in the Property by:

  1. issuing to the Optionor on or before May 30, 2016:
  • 500,000 Sypher common shares, subject to receipt of all regulatory approvals, if any, and compliance with applicable securities and corporate laws; or at the option of the Optionor, an amount of common shares equal to a deemed value of $500,000 as of the date of issuance; and
  1. incurring the following expenditures on the Property:
  • $50,000 on or before May 30, 2011 (completed); and
  • An additional $50,000 on or before May 30, 2014; and
  • An additional $200,000 on or before May 30, 2015;
  • An additional $300,000 on or before the May 30, 2016.

The Optionor reserves a 3% Net Smelter Royalty.

The McBride property is located 15 km southwest of the Town of Lynn Lake along provincial highway 396. The relief is moderate and most parts of the McBride property are readily accessible year-round.

Forward-Looking Statement

Some statements in this report contain forward-looking information. These statements include, but are not limited to, statements with respect to future exploration, expenditures, transactions and financings. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, risks related to actual results of exploration activities, the timing and amount of expenditures and the completion of transactions and financings.

On behalf of the Board, Richard Graham, President & CEO

The CNSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Sypher Resources Ltd.
    Richard Graham
    (604) 488-8717