Vancouver, British Columbia, May 16, 2018 – Inomin Mines Inc. (MINE:TSX.V) (“Inomin”, “MINE” or the “Company”) reports it has optioned its 100% owned King’s Point gold-copper-zinc project in Newfoundland (“King’s Point or the “Project”) to Maritime Resources Corp. (MAE:TSX.V) (“Maritime”). King’s Point is comprised of two claims blocks adjacent to Maritime’s Hammerdown, Green Bay property. The Project covers the geological extensions to Maritime’s Hammerdown deposit that host a number of high-grade gold veins and base metals occurrences.
Eight polymetallic mineral zones have been identified within the 3,225 hectare Project including the Golden Anchor gold zone, the past producing Rendall-Jackman gold-copper mine, and the Beetle Pond zinc VMS target.
Inomin Mines Inc, President, John Gomez says, “Maritime is an ideal home for King’s Point given their development of the nearby Hammerdown gold deposit and extensive knowledge of the area. We look forward to seeing the property advanced in the coming years and hopefully eventually in Maritime’s development pipeline.”
Under the terms of the Option Agreement, Maritime can earn a 100% interest in King’s Point over three years by spending $600,000 in exploration, cash payments of $300,000 to Inomin, and issuing 2,000,000 Maritime common shares to the Company, in accordance with the following schedule.
Date for Completion | Payment | Common Shares to be issued | Expenditures (cumulative) |
On signing Option Agreement | $25,000 | – | |
Three (3) business days following Approval Date | 500,000 | – | |
1st anniversary of Approval Date | $50,000 | 500,000 | $75,000 |
2nd anniversary of Approval Date | $100,000 | 500,000 | $150,000 |
3rd anniversary of Approval Date | $125,000 | 500,000 | $375,000 |
TOTAL | $300,000 | 2,000,000 | $600,000 |
The Approval Date is the date the Option Agreement is accepted for filing by the TSX Venture Exchange.
The Project has a 1% NSR which can be purchased from Inomin for $500,000, and an underlying NSR of 2.5% of which 1.5% can be purchased for $1,000,000.
The Option Agreement is subject to approval by the TSX Venture Exchange.
Further information about King’s Point is available at the Company’s website: www.inominmines.com. Subscribe to receive future MINE news announcements by visiting https://bit.ly/2pWsA8i.
About Inomin Mines
Inomin Mines is engaged in the identification, exploration and development of mineral properties. The Company holds a 100% interest in the Fleetwood zinc-copper VMS project in British Columbia, and the King’s Point gold-copper-zinc project in Newfoundland. Inomin trades on the TSX Venture Exchange with the symbol MINE. For more information visit www.inominmines.com and join us on Twitter: @InominMines.
Inomin Director Bruce Winfield P.Geo, a qualified person as defined by NI 43-101, has reviewed and approved the technical information in this news release.
On behalf of the board of Inomin Mines:
Inomin Mines Inc.
Per: “John Gomez” President and CEO
For more information contact:
John Gomez
Tel. 604.566.8703 [email protected]
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. This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company’s control that may cause actual results or performance to differ materially from those currently anticipated in such statements.
