TORONTO, ONTARIO--(Marketwired - Oct. 3, 2016) - VENDOME RESOURCES CORP. (the "Company") (TSX VENTURE:VDR)(FRANKFURT:9VR) is pleased to announce that it has entered into an agreement whereby the Company can earn a 100% interest, from Chibougamau Independent Mines Inc. (TSX VENTURE:CBG)(STUT:CLL)(OTC:CMAUF), in the Mont Sorcier Vanadium-Iron-Titanium project in Roy Township, Quebec, 18 km east of the Town of Chibougamau (the "Transaction").
The Mont Sorcier property is made up of 57 cells which cover the historic Mont Sorcier deposit described in the Chibougamau Independent Mines press release dated September 22, 2016.
Under the agreement, the Company will pay Chibougamau Independent Mines a single cash payment of $100,000 and issue to Chibougamau Independent Mines 4 million common shares of the Company. A minimum of $1 million of exploration will be undertaken in the first 24 months following signature of the agreement. Chibougamau Independent Mines will retain a 2% Gross Metal Royalty ("GMR") on all mineral production from the property. In order to facilitate the deal, Globex Mining Enterprises Inc. (TSX:GMX), which held a 3% GMR on a number of claims, has reduced its royalty to 1% GMR but it has been extended to the recently enlarged claim group. In addition, a finder's fees of 400,000 common shares the Company will be issued in relation to the acquisition.
The Company will move to close the Transaction in due course and will issue the common shares to the vendors and the finder's fee common shares immediately. All securities issued by the Company in connection with the Transaction will be subject to a statutory four month hold period.
Vendome is a mineral exploration company located in Burlington, Ontario, Canada. Our primary focus is to acquire "near-term production" exploration mining projects and existing producers. Vendome Resources Corp. is managed by an experienced team of mining professionals with extensive operating and financial experience.
ON BEHALF OF THE BOARD OF DIRECTORS OF VENDOME RESOURCES CORP.
W. John Priestner, President and Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statements:
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.
This news release contains "forward-looking information" including statements with respect to the future exploration performance of the Company. This forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements of the Company, expressed or implied by such forward-looking statements. These risks, as well as others, are disclosed within the Company's filing on SEDAR, which investors are encouraged to review prior to any transaction involving the securities of the Company. Forward-looking information contained herein is provided as of the date of this news release and the Company disclaims any obligation, other than as required by law, to update any forward-looking information for any reason. There can be no assurance that forward-looking information will prove to be accurate and the reader is cautioned not to place undue reliance on such forward-looking information.