Bold Ventures Extends Wilcorp Option Agreement
TORONTO, ONTARIO--(Marketwired - Feb. 23, 2016) - Bold Ventures Inc. (TSX VENTURE:BOL) ("Bold Ventures" or the "Company") is pleased to announce that it has extended the anniversary dates for optional payments to acquire a 100% interest in four patented mining claims that are part of the Wilcorp Project. The agreement now provides for a second anniversary date of November 16, 2016 for an optional payment of $65,000. This payment must be made up of half cash and half in cash and/or stock at Bold's discretion. The third anniversary optional payment is due on November 16, 2017 and calls for a $100,000 payment, half in cash and the other half in cash and/or stock at Bold's discretion. Should Bold satisfy these optional commitments, the Company will earn a 100% interest in the property, subject to a 2% NSR in favour of the vendor. Half of the NSR (1%) may be purchased by Bold at any time for a cash payment of $500,000. Bold retains a right of first refusal on the remaining 1% NSR. Should Bold fail to make the optional payments described above then the mineral claim and the four patented claims will be transferred to the vendor of the patented claims.
The Wilcorp Project
The Wilcorp Project consists of two contiguous properties in McCaul Twp. located approximately 14 km east of the town of Atikokan, Ontario in the Thunder Bay Mining Division. The property is made up of four historical patented claims and one contiguous staked mining claim. The mining claim is owned 100% by Bold subject to a 1% NSR and comprises an area of 10 claim units totaling approximately 160 hectares or 392 acres. The four patented mining claims together make up an area of approximately 66 hectares or 162 acres.
Historical work on the property has included stripping, trenching and, according to various historical reports, diamond drilling. The area has seen recent exploration activity primarily for gold.
Located proximal to the Quetico fault system in the Superior Geologic Province of Northwestern Ontario, the Bold Ventures project work has identified a number of drill targets as a result of prospecting, sampling and Induced Polarization geophysical surveys.
For more information concerning the Wilcorp Project and/or Bold Ventures Inc., please visit www.boldventuresinc.com.
Richard E. Nemis, President and Chief Executive Officer
David Graham, Executive Vice President
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.
Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements
