Mr. Harry Miller reports
VANITY CAPITAL INC. ANNOUNCES FILING OF FORM 43-101 TECHNICAL REPORT FOR PORCUPINE PROPERTY AND TSXV APPROVAL OF OPTION AGREEMENT WITH IAMGOLD CORPORATION
Vanity Capital Inc. has satisfied the TSX Venture Exchange's conditions for approval of Vanity's previously announced option agreement with Iamgold Corp., providing for an option to acquire a 100-per-cent interest in Iamgold's Porcupine property in the Duparquet township area of Quebec, as previously announced Aug. 19, 2016.
Vanity is also pleased to announce that it has filed a technical report compliant with National Instrument 43-101 standards of disclosure for mineral projects in respect of the property, which is available on SEDAR.
Under the terms of the option, Vanity will earn a 100-per-cent interest in the property after spending a minimum of $1.5-million on exploration expenditures, which are to include the completion of a minimum 5,000 metres of diamond drilling on the property, within 24 months of the option. The option is also subject to Vanity entering into an agreement to acquire an interest in an adjacent property. Upon Vanity vesting its interest, Iamgold would retain a 2-per-cent net smelter royalty.
The option also provides Vanity with the right to renegotiate a pre-existing net smelter royalty of 3 per cent held by certain third parties.
Vanity has agreed to pay a cash finder's fee to Loewen, Ondaatje, McCutcheon Ltd. in connection with the option. An amount of $5,000 is to be paid on approval of the TSX Venture Exchange and an additional $10,000 on Vanity completing its required exploration expenditures under the option.
The Porcupine property consists of 10 contiguous patented claims covering approximately 153 hectares located in the Duparquet township area of Quebec.
The technical report filed today has been prepared in accordance with NI 43-101 on the property. The report dated Sept. 18, 2016, is entitled "NI 43-101 technical report, Porcupine property, Duparquet township, Quebec, for Vanity Capital Inc." and was prepared by Russell Crosby, MSc, PGeo, an independent qualified person (as that term is defined in NI 43-101), of New Maryland, N.B.
The report is available for review on SEDAR.
The scientific and technical content and interpretations contained in this news release have been reviewed, verified and approved by John Archibald, APGO, PGeo, a qualified person as defined by NI 43-101.
About Vanity Capital
Vanity is a Vancouver junior exploration company. It is Vanity's intent to advance the Porcupine property as quickly as possible. Vanity is reviewing other potential property acquisitions and opportunities with a specific focus on mineral properties in Quebec.
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