18:55:45 EDT Mon 13 May 2024
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Rainmaker Resources Ltd
Symbol RMG
Shares Issued 25,838,866
Close 2015-01-30 C$ 0.015
Market Cap C$ 387,583
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Rainmaker Resources amends Jayjay option deal

2015-02-02 10:46 ET - News Release

Mr. Rick Patmore reports

RAINMAKER RESOURCES LTD. UPDATES SHAREHOLDERS

Rainmaker Resources Ltd. has revised the terms of the option agreement with JCMP Management Corp. regarding the Jayjay Lake frac sand property in north-central Saskatchewan. The revision will allow Rainmaker more time to complete its planned exploration programs on the property. The amendment to the Jayjay option agreement extends the deadline for Rainmaker to complete $75,000 of exploration work on the property to July 14, 2015.

Planned exploration work at the Jayjay property is expected to consist of laboratory testing of the sands to determine how much upgrading can be achieved, primarily by flotation. A drilling program is planned to follow that work, which will involve detailed testing of the aerial extent of the sand deposits, as well as their thickness. Timing of these programs is contingent on successfully arranging for financing.

Also, Rainmaker reports that it has allowed the option on the Bray property in Arkansas to lapse. Due to current market conditions and commodity pricing, the company and owners both agree, and have a willingness, to renegotiate the terms of the purchase.

Rick Patmore, president and chief executive officer, stated: "We still believe that the frac sand industry is vast and will ultimately take an insignificant hit in pricing in the long run, but we intend to take this opportunity to renegotiate a deal on our current projects that works better for all in today's environment."

Rainmaker will continues to search for other opportunities that will create shareholder value while it continues to explore opportunities with its existing targets.

We seek Safe Harbor.

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