Vancouver, British Columbia, October 3, 2018 – Inomin Mines Inc. (“Inomin”, “MINE” or the “Company”) (TSX.V: MINE) announces its King’s Point option agreement with Maritime Resources Corp. (“Maritime”) (TSX.V MAE) has received shareholder approval and acceptance by the TSX Venture Exchange. The deal provides additional exploration at King’s Point to test the property’s potential for high-grade gold deposits similar to Maritime’s Hammerdown deposit, as well as for base metal deposits. Inomin benefits through cash and share payments from Maritime, as well as a 1% NSR on the property. Inomin received approval from 98.9% of shareholders who voted for the transaction at the Company’s AGM held September 6, 2018.
The King’s Point gold-base metal project is within the Catcher’s Pond Belt in the Green Bay area of Newfoundland, noted for high-grade gold and volcanogenic massive sulphide (VMS) base metal deposits. The project covers two separate areas of approximately 3,225 hectares collectively, situated adjacent to Maritime’s flagship Green Bay polymetallic project that hosts the Hammerdown and Orion gold deposits, as well as the Lochinvar base-precious metal deposit. To date, eight precious and base metal prospects have been discovered at King’s Point including epithermal gold mineralization at Golden Anchor, copper-gold mineralization at the past-producing Rendall Jackman mine, and zinc dominant VMS mineralization at Beetle Pond.
The Company looks forward to the continued exploration of King’s Point under the direction of Maritime that has strong geological and working knowledge of the region. Maritime is focused on reopening their nearby past-producing Hammerdown gold mine, and discovery of additional high-grade gold and base metal deposits. King’s Point provides Maritime with several new exploration targets. Earlier this year, Maritime defended a hostile takeover attempt from Anaconda Mining Inc. Further information on King’s Point, including a NI 43-101 Technical Report, is available at https://inominmines.com/projects/kings-point.
As reported May 16, 2018, the option agreement enables Maritime to earn a 100% interest in King’s Point 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. | |||
Inomin will also receive a 1% NSR which can be purchased from the Company for $500,000. The project also has an underlying NSR of 2.5% of which 1.5% can be purchased for $1,000,000.
John Gomez, president of MINE states, “Our deal with Maritime enables significantly more exploration at King’s Point and the benefit of Maritime’s geological expertise in the area. We expect Maritime’s work will unlock the property’s mineral potential. With King’s Point in good hands, we can focus on other mineral project opportunities to create shareholder value.”
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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 under option to Maritime Resources Corp. (TSX.V MAE). Inomin trades on the TSX Venture Exchange with the symbol MINE. For more information visit www.inominmines.com and join us on Twitter @InominMines.
Company 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.
