Vanity Capital Inc. (TSX VENTURE: VYC) ("Vanity") announces it has entered into an option agreement with IAMGOLD Corporation ("IAMGOLD") providing for an option to acquire a 100% interest in IAMGOLD's Porcupine Property in the Duparquet Township area of Quebec (the "Option").
The Option is exercisable by Vanity spending a minimum of one-million five hundred thousand ($1,500,000) on exploration expenditures, which is to include the completion of a minimum 5,000 metres of diamond drilling on the property, within twenty-four (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% net smelter royalty.
The Option also provides Vanity with the right to renegotiate a pre-existing net smelter royalty of 3% held by certain third parties.
The Option is subject to Vanity obtaining the approval of the TSX Venture Exchange.
IAMGOLD is an arms-length party to Vanity.
Vanity has agreed to pay a cash finder's fee to Loewen, Ondaatje, McCutcheon Limited in connection with the Option. $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 ten (10) contiguous patented claims covering approximately 153 hectares located in the Duparquet Township area of Quebec.
Vanity plans to immediately undertake an initial exploratory drill campaign, on receipt of TSX Venture Exchange approval of the Option.
ABOUT VANITY CAPITAL INC.
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.
IAMGOLD is a mid-tier mining company with four operating gold mines on three continents. A solid base of strategic assets in North and South America and West Africa is complemented by development and exploration projects and continued assessment of accretive acquisition opportunities. IAMGOLD is in a strong financial position with extensive management and operational expertise.
Some statements contained in this news release are forward-looking statements. These statements generally are identified by words such as the Company "believes", "expects", and similar language, or convey estimates and statements that describe the Company's future plans, objectives or goals. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Further information regarding risks and uncertainties which may cause results to differ materially from those projected in forward-looking statements, are included in filings by the Company with securities regulatory authorities. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date thereof. The Company does not undertake to update any forward-looking statement that may be made from time to time except in accordance with applicable securities laws. References may be made in press releases to historic mineral resource estimates. None of these are NI 43-101 compliant and a qualified person has not done sufficient work to classify these historic estimates as a current mineral resource. They should not be relied upon and Vanity does not treat them as current mineral resources.
Neither 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 release.
For further information, contact:
Mr. Harry Miller, CEO
Telephone: (425) 453-0355
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