05:38:52 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Golden Pursuit Resources Ltd
Symbol GDP
Shares Issued 31,364,103
Close 2018-10-23 C$ 0.12
Market Cap C$ 3,763,692
Recent Sedar Documents

Golden Pursuit options out 60% of Stevens, BP projects

2018-10-23 12:54 ET - News Release

Mr. Brian McClay reports

GOLDEN PURSUIT ENTERS INTO LETTERS OF INTENT WITH 1167609 B.C. LTD.

Golden Pursuit Resources Ltd. has entered into letters of intent with 1167609 B.C. Ltd. with respect to the Stevens Basin project and Black Point project, which are both located in Nevada, United States.

Pursuant to the agreements, the company has granted the optionee the option to purchase a 60-per-cent interest in the properties subject to a 2-per-cent net smelter return royalty in favour of the company and which the optionee shall make the following payments to the company as set out as follows.

Stevens Basin project

The purchase price of the Stevens Basin project is $500,000 (U.S.) and is payable on or before commencement of commercial production. In addition, the optionee has agreed to make the following lease payments paid in consideration of the grant and maintenance in good standing of the option to purchase: (i) $25,000 (U.S.) within five business days of signing the agreement (being Oct. 10, 2018); (ii) $50,000 (U.S.) on or before the first and second anniversaries; (iii) $75,000 on or before the third and fourth anniversaries; and (iv) $100,000 (U.S.) before the fifth anniversary and annually thereafter.

Black Point project

The purchase price of the Black Point project is $750,000 (U.S.) and is payable on or before commencement of commercial production. In addition, the optionee has agreed to make the following lease payments paid in consideration of the grant and maintenance in good standing of the option to purchase. Upon execution of the agreement, the optionee shall pay to the company: (i) $25,000 (U.S.) within five business days of signing the agreement (being Oct. 10, 2018); (ii) $25,000 (U.S.) on or before the first and second anniversaries; (iii) $50,000 (U.S.) on or before the third and fourth anniversaries; and (iv) $100,000 (U.S.) before the fifth anniversary and annually thereafter.

The company continues to operate under a project generator model with a special emphasis on Nevada. The company has a remaining large portfolio of 18 other properties located in Nevada and a property in the Northwest Territories (which it continues to compile data from previous work) and has completed geological mapping and sampling this past year, which have enhanced the understanding of the mineral potential of these projects.

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