Berkwood Resources announces an agreement for remaining 30% of Prospect Valley Property
Vancouver, BC / TheNewswire / February 03, 2016 - Berkwood Resources Ltd. (TSX-V: BKR) ("Berkwood" or the "Company") announces that it has signed an agreement with Westhaven Ventures Ltd. (TSX-V:WHN) ("Westhaven") on the Prospect Valley Property located near the town of Merritt, British Columbia. Berkwood and Westhaven have been 30:70 joint venture partners on the property. Under this new agreement, Westhaven will acquire the remaining 30% interest in property from Berkwood by paying Berkwood C$10,000 on signing plus C$30,000 and 500,000 Westhaven shares within 2 days of TSX approval of the agreement. The 500,000 Westhaven shares shall have a hold period pursuant to securities legislation and TSX.V rules and policies. In addition Berkwood cannot sell the 500,000 Westhaven shares for 5 years after the signing of the agreement or until 5,000 tonnes of rock are mined from the property, whichever is sooner. No finder's fees are payable with respect to this transaction. The agreement is subject to acceptance by the TSX Venture Exchange.
George Gorzynski, CEO and Director of Berkwood stated: "The cash received under this agreement is needed to address critical financial obligations of the Company. Berkwood also now holds one million Westhaven shares making it one of the largest shareholders in Westhaven, and it is through this shareholding that Berkwood may continue to benefit from advances on the Prospect Valley Property as well as Westhaven's other excellent projects. Berkwood's plans going forward will now focus on new acquisitions and new directions on which to build shareholder value."
About Berkwood Resources:
Berkwood holds an option to earn a 100%-interest in the 5,788ha Lac Gueret South Graphite Property, located in northeastern Quebec. The property borders the southern boundary of Mason Graphite's Lac Gueret Project which has a NI 43-101 compliant mineral resource estimate with measured & indicated mineral resources of 65.7 million tonnes grading 17.2% Cgr (including 9.7 million tonnes grading 31.2% Cgr)*. Berkwood also holds a 100% interest in the Lac Gueret East Graphite Property which is adjacent to the eastern boundary of Mason Graphite's Lac Gueret Property. Berkwood's Lac Gueret East and South Graphite Properties share a similar geological environment to Mason Graphite`s Lac Gueret Property including along strike stratigraphic units, structures and geophysical conductors. Berkwood's rational for exploring its Lac Gueret graphite projects is to find similar graphite mineralization to that of Mason Graphite.
To view details, maps and photos of Berkwood's properties please click the following link: http://www.berkwoodresources.com/properties.html.
George Gorzynski, P.Eng., CEO and a Director of the Company and a Qualified Person under the definition of Canadian National Instrument 43-101, approved the technical information in this news release.
On behalf of Berkwood Resources Ltd.
"George Gorzynski"
George Gorzynski, CEO & Director
For additional information please contact:
Tel: (604) 662-7455 E-mail: info@berkwoodresources.com
Website: www.berkwoodresources.com
Cautionary Statements
This Berkwood News Release may contain certain "forward-looking" statements and information relating to Berkwood that are based on the beliefs of Berkwood's management as well as assumptions made by and information currently available to Berkwood's management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitation, competitive factors, general economic conditions, relationships with strategic partners, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. Except as required by law, Berkwood does not assume the obligation to update any forward-looking statement.
*The Mason Graphite NI 43-101 mineral resource estimate was sourced from the Mason Graphite news release dated December 15, 2014. The Qualified Person has been unable to verify the information contained within the Mason Graphite news release and the mineralization on the Mason Graphite property is not necessarily indicative of the mineralization on the Company's property.
Neither the 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 news release.
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