Group Ten Metals Amends Black Lake Property Agreements
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 21, 2016) - Group Ten Metals Inc. (TSX VENTURE:PGE)(FRANKFURT:5D31) (the "Company" or "Group Ten") announces amendments to three property agreements for its Black Lake gold project.
The Black Lake gold project is located 10 kilometers south of Sioux Lookout and 70 kilometers east of Dryden in northwest Ontario, beside First Mining Finance Corp.'s Goldlund project and Treasury Metals Inc.'s Goliath project. All three projects are located on the Sioux Lookout Deformation Zone northwest of New Gold Inc.'s Rainy River deposit, in the same Archean greenstone belt as the Rainy River project.
The Company consolidated the project through four property deals plus direct staking. Three of the agreements have been amended as follows:
The Company has amended the schedule of cash payments per an agreement with Rubicon Minerals Corp. as follows:
- $25,000 payable by August 12, 2015 shall now be payable by September 30, 2016;
- $30,000 payable by February 12, 2016 shall now be payable by September 30, 2017; and
- $50,000 payable by August 12, 2016 shall now be payable by September 30, 2018.
In consideration of such deferrals, Group Ten agrees to issue 400,000 shares to Rubicon and pay an additional $5,000.
NWT Copper Mines Ltd
The Company has amended an agreement with NWT Copper Mines Ltd to defer by three years a total of $1.25 million in annual exploration work requirements. The amended dates are as follows:
- $50,000 in work required on or before December 31, 2017;
- $150,000 in work required on or before December 31, 2018;
- $200,000 in work required on or before December 31, 2019;
- $250,000 in work required on or before December 31, 2020;
- $300,000 in work required on or before December 31, 2021; and
- $300,000 in work required on or before December 31, 2022;
DLK / Rubicon Minerals Corp.
The Company has amended an agreement with Rubicon Minerals Corp. and DLK Minerals Ltd, a private company, to pay an outstanding payment in stock and defer other cash payments by one year, as follows:
- Issue 250,000 common shares within ten (10) days of regulatory approval to meet in full the payment of $12,000 which was due on December 30, 2015;
- defer payment of $16,000 due on December 30, 2016 by one year to December 30, 2017;
- defer payment of $20,000 due on December 30, 2017 by one year to December 30, 2018; and
- defer payment of $30,000 due on December 30, 2018 by one year to December 30, 2019.
More information is available on the Company's website at http://grouptenmetals.com.
All share issuances are subject to approval by the TSX Venture Exchange.
About Group Ten Metals Inc.
Group Ten Metals Inc. is a mineral exploration company focused on exploration for deposits of platinum group metals (PGM), gold, nickel, and copper and in emerging districts with proven world-class potential. In addition to its Black Lake-Drayton high-grade gold project the Company controls a premier land position in the Kluane Ultramafic Belt in the southwest Yukon Territory where it adjoins Wellgreen Platinum Ltd.'s Wellgreen deposit.
On Behalf of the Board of Directors
Michael Rowley, President & Director
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.
Statements which are not purely historical are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future.
It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Readers should refer to the risk disclosures outlined in the Company's Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.
