HALIFAX, July 25, 2017 /CNW/ - Stockport Exploration
Inc. (TSXV: SPT) ("Stockport") is pleased to announce it has
formally completed the cash and share option agreement with Ardiden
Limited (ASX: ADV) of West Perth,
Australia ("Ardiden") to acquire 100% of Stockport's Seymour
Lake concessions.
In order to complete the acquisition of the Seymour Lake
concessions, Ardiden was required to pay total instalments to
Stockport of $350,000 and issue
$250,000 of Ardiden shares. Since the
initial signing of the option agreement in 2016, Ardiden has made
previous cash payments of $150,000
and issued $250,000 of Ardiden shares
to Stockport, for a total compensation of $1,000,000 to finalize the transfer of 100% of
Seymour Lake to Ardiden. Seymour Lake has an existing 3% net
smelter royalty ("NSR") held by an independent third party, and
Stockport maintains the option to purchase a 1.5% NSR from the
third party for payment of $1,000,000.
Seymour Lake is a lithium-beryllium-tantalum site located within
the Caribou Lake Greenstone Belt, 230 kilometres north-northeast of
Thunder Bay, Ontario, Canada. The
property covers an area of approximately five by six
kilometres. The claim group purchased by Ardiden is located
on an all-weather, year round, two-lane, main haulage road and the
project has excellent proximity to existing rail sidings on the
main CN rail line, and close proximity to a major power grid
provided by Ontario Power Generation.
"The completion of the agreement with Ardiden shows the strong
geological foundation at Seymour Lake and its surrounding
area. The sale provides a great opportunity for Stockport to
further realize the value of its other properties in the Crescent
Lake area of Ontario," stated
Jim Megann, CEO of Stockport.
About Stockport Exploration Inc.:
Stockport is focused on the exploration of a district-scale land
package along a prolific gold-hosting greenstone belt in southwest
Kenya. The property package
has potential to host various mineral deposit types, the most
prominent being those of Lode-Gold and Copper-Zinc-Gold-Silver
massive sulphide association. Stockport also holds the La Morena
Copper-Silver property in Coahuila,
Mexico, and the KM61 property, which hosts a National
Instrument 43-101 compliant Molybdenum-Copper-Silver resource, also
near Armstrong, Ontario.
Forward-Looking Information:
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address future
production, reserve potential, continuity of mineralization,
exploration drilling, exploitation activities and events or
developments that the Company expects are forward-looking
statements. Although the Company believes that the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements. For more
information on the Company and the risk factors inherent in its
business, investors should review the Company's information at
www.sedar.com.
SOURCE Stockport Exploration Inc.