Anthem Resources (AYN-V) March 24, '15 is pleased to announce that it has signed a binding letter of intent to option its Chateau Fort gold property in central Quebec to Tarku Resources (TKU-V)
Under the terms of the agreement, Tarku can earn a 100% interest in the Property, subject to certain underlying diamond rights and Net Smelter Return Royalties. In return Tarku shall pay $100,000 in cash and 8 million Tarku shares in staged payments over four years. This includes a $5000 payment on execution of this letter agreement (paid) and a payment of $10,000 and 2 million Tarku shares on approval of the agreement by the TSX-Venture exchange, and completion of a $400,000 financing by April 21, 2015. In addition, there is a firm commitment to spend $200,000 on the property and renew the claims prior to July 10, 2015.
Anthem retains a 2% Net Smelter Return Royalty on claims not subject to other underlying agreements, of which 1% can be bought down for payment of $2 million. In addition, Anthem retains the right to maintain its pro rata percentage ownership of Tarku via future financings, and first right of refusal on third party offers to purchase the Property.
Chateau Fort adjoins the "167" property currently being drilled by Visible Gold Mines (VGD-V ) and is also along strike and directly adjacent to the past-producing Eastmain Mine property of Eastmain Resources Inc. (ER-T). In late 2014, Visible Gold announced the discovery of high-grade Au-Cu-Ag boulders at Km 147 and KM 150 along the newly constructed Route 167 Extension, a 4-season road.
The Chateau Fort property is 18,867 hectares in size and includes Au, Ag, Cu, Zn and As anomalies from Anthem's in-house geochemical surveys (lake bottom, soil and stream sediments). Compilation work has identified at least eight high-priority gold targets for follow-up.
The technical information in this news release has been reviewed by Michael S. Cathro, PGeo, Anthem's vice-president of exploration and a qualified person as defined by National Instrument 43-101.
About Anthem Resources
Anthem Resources Inc. is a Canadian exploration company, which holds a number of mineral properties, joint ventures and royalty interests. Anthem also owns a portfolio of securities in various junior exploration companies.
On Behalf of the Board of Directors of
ANTHEM RESOURCES INC.
Walter Coles Jr.
President & CEO |
