Millstream Mines Ltd. Corporate Update
08.12.2014 | Accesswire
TORONTO, ON / ACCESSWIRE / December 8, 2014 / Millstream Mines Ltd. (MLM TSX-V & NJD.F) announces that the company has been informed that the Promissory Note of $1,600,000 and the Demand Loans of $1,274,764 owed to Harrison Mining and Engineering Corp. (please see Millstream Audited Annual Financials on SEDAR) are being sold at face value and assigned and conveyed to the buyers. The recorded 2.5% Net Smelter Return royalty (NSR) on the Potter Mine property will remain with Harrison Mining and Engineering Corp.Entities within the Harrison Group of companies will be the buyers of 75% of the debt with the balance being taken up by an insider of Millstream. No change of control in Millstream is anticipated. In the near future, the possibility of converting the debt, in whole or in part, into Millstream common voting shares may transpire.
Millstream would also like to add that it has closed it previously reported financing (please see PRs Aug. 27 and Sept. 23 of 2014) and is preparing an expedited transaction filing for submission to the TSX Venture Exchange. Millstream will issue 520,000 shares upon approval.
About Millstream Mines Ltd.:
Millstream Mines Ltd. is a Canadian-based mineral exploration company whose principle objective is to enhance and develop known mineral properties to production potential. The Company has projects in the Province of Ontario, Canada and in the State of Montana, USA. The past producing Potter Mine Property is host to copper-zinc-cobalt "stacked" mineralized zones located in the highly prolific
Abitibi Greenstone Belt and more specifically in the Kidd-Munro Assemblage near the town of Matheson in north eastern Ontario. A published initial NI 43-101 compliant resource estimate on the Potter revealed an indicated resource of 3,028,767 tonnes at 1.45% copper, 1.19% zinc, 389.7 ppm cobalt, 11.1 ppm silver, and 127.5 ppb gold along with an inferred resource of 2,071,101 tonnes at 1.08 % copper, 1.05 % zinc, 301.4 ppm cobalt, 8.7 ppm silver, and 81.7 ppb gold. The Tamarack Gold Property, a high grade former gold producer in the Tobacco Root Mountains of south western Montana, is in an advanced stage of underground exploration and development operating under the Small Mines Exclusion Act of the State of Montana.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Millstream seeks safe harbour with regard to forward looking statements.
For further information contact:
Millstream Mines Ltd.
Mr. Ernest Harrison, EM, Chairman and CEO
Phone: 705-474-7282
Mr. Robert Chase, CFA, President and CFO
Phone: 647-350-8400
Email: info@millstreammines.com
Web: www.millstreammines.com
