Mr. Lawrence Roulston reports
MOUNTAIN BOY CORPORATE UPDATE PROPERTY AGREEMENTS
Mountain Boy Minerals Ltd. has estimated its expected closing of the sale of the Silver Coin interest and an agreement on deferral of a payment on the BA and Surprise Creek properties.
The sale of Mountain Boy Minerals' 20-per-cent interest in the Silver Coin project to Ascot Resources Ltd. in return for shares of Ascot Resources, previously announced by Mountain Boy Minerals on Aug. 13, 2018, is anticipated to close within the next five to 10 days, as reported by Ascot Resources. Shareholders of Jayden Resources Inc., holders of an 80-per-cent interest in the project, approved the sale of their interest, which was the final condition before closing. Mountain Boy Minerals will receive up to 4,175,795 common shares of Ascot Resources, currently valued at approximately $3.8-million.
Pursuant to the June 2, 2017, option agreement between Mountain Boy Minerals and Great Bear Resources Ltd., whereby Mountain Boy Minerals can acquire a 100-per-cent interest in the BA and Surprise Creek properties located in the Golden Triangle of northwestern British Columbia, Great Bear Resources has agreed to defer a cash payment of $300,000 (due Aug. 20, 2018) until March 20, 2019. In return for the payment deferral, Mountain Boy Minerals has agreed to issue 600,000 common shares to Great Bear Resources.
The BA property consists of 9,489 hectares and the Surprise Creek property consists of 7,472 hectares. Exploration expenditures in the past 10 years exceed $12-million on the properties. Mountain Boy Minerals is currently in the process of completing a review of the historic and current data on the projects, including project visits with some sampling, and expects to provide an update on these projects before the end of the year.
The transaction is subject to regulatory approval and the shares to be issued will be subject to a four-month hold period upon approval.
About Mountain Boy Resources Ltd.
Mountain Boy Resources is a Canadian-based mineral exploration company with a property portfolio of gold and silver projects within the Stewart region in the very prolific Golden Triangle region of British Columbia. In addition to the Red Cliff interest, Mountain Boy Resources owns 100 per cent of the high-grade MB silver project and 100 per cent of the BA and Surprise Creek volcanic massive sulphide (VMS) copper-lead-zinc-silver projects.
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