Midnight Sun Signs Definitive Option Agreement for Exploration Permits in Zambia
29 November 2013 - 10:21PM
Marketwired
Midnight Sun Signs Definitive Option Agreement for Exploration
Permits in Zambia
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 29, 2013) -
Midnight Sun Mining Corp. (the "Company" or "Midnight Sun")
(TSX-VENTURE:MMA) announces that it has agreed to final terms
relating to the option agreement ("Option Agreement") with Kam
Chuen Resource Holdings Ltd. ("Kam Chuen"), which was discussed in
a May 9th, 2013 news release (available on the Company's
website).
Under the terms of the Option Agreement, Midnight Sun can earn a
60% interest in two mineral exploration permits near Solwezi,
Zambia that are currently held by Kam Chuen by issuing an aggregate
of 15,333,333 shares to Kam Chuen and incurring $3,666,667 of work
expenditures ("Expenditures") related to the properties according
to the following schedule:
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(i) 1,333,333 shares issued on receipt of
TSX Venture Exchange (the "TSXV") approval to the option (the
"Approval Date"), a further 4,00,000 shares 18 months after the
Approval Date; and a further 10,000,000 shares 36 months after the
Approval Date; and |
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(ii) $1,000,000 of Expenditures within 18
months of the Approval Date, a further $1,333,333 of Expenditures
within 36 months of the Approval Date and a further $1,333,334 of
Expenditures within 48 months of the Approval Date. |
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The Option Agreement remains subject to receipt of all necessary
regulatory approvals, including the approval of the TSXV.
ON BEHALF OF THE BOARD
Robert Sibthorpe B.Sc (Geology), M.B.A., President & CEO
NEITHER THE 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.
Midnight Sun Mining Corp.Al FabbroDirector604-351-8850
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