Renforth Acquires 100% Ownership of Globex's Parbec Gold Project
Tuesday, March 19, 2019 9:30 AM
PICKERING, ON / ACCESSWIRE / March 19, 2019 / Renforth Resources Inc. (CSE - RFR) ("Renforth" or the "Company") is pleased to announce that the Company has acquired a 100% ownership interest in the Parbec Gold Project, host of a NI 43-101 resource estimate, joined to the western boundary of the larger Canadian Malartic Mine property package, from Globex Mining Enterprises Inc. ("Globex") (GMX-TSX, GLBXF-OTCQX International, G1MN-Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz) pursuant to the option agreement originally entered into by the Company and Globex in January of 2015.
Renforth renegotiated the remaining work requirement due under the option agreement and, with the following grants to Globex, will satisfy all the terms and conditions of the option agreement, earning 100% ownership
Renforth shall issue to Globex;
1 - an additional 1% GMR (Gross Metal Royalty) on the Parbec Project,
2 - 5 million shares from Treasury. Should Renforth consolidate its shares in the next 4 years Globex will receive an additional 1.5 million shares post-consolidation,
3 - upon the commencement of commercial mining at Parbec a one-time payment shall be made to Globex of $1,000,000 CAD, adjusted for inflation and subject to the deduction of any advance royalty payments made.
In consideration of these payments Globex shall grant to Renforth a one-time right of first refusal on the sale of all or any part of Globex' GMR.
With completion of the above-noted conditions Renforth is the 100% owner of the claims comprising the Parbec Property.
"Concluding our option agreement and acquiring 100% of Parbec brings to 5 the wholly owned gold-bearing projects within Renforth's portfolio, several of which are on or associated with the Cadillac Break and contiguous to producing mines. Management feels this is a solid Canadian gold exploration portfolio, to which we continue to add value through our ongoing work. At Parbec we have drilled almost 9000 metres to date and defined the first NI 43-101 resource. We look forward to continuing our exploration across our portfolio" states Nicole Brewster, President and CEO of Renforth.
For further information please contact:
Renforth Resources Inc.
President and Chief Executive Officer
E: [email protected]
#269 - 1099 Kingston Road, Pickering ON, L1V 1B5
No securities regulatory authority has approved or disapproved of the contents of this news release.
Forward Looking Statements
This news release contains forward-looking statements and information under applicable securities laws. All statements, other than statements of historical fact, are forward looking. Forward-looking statements are frequently identified by such words as 'may', 'will', 'plan', 'expect', 'believe', 'anticipate', 'estimate', 'intend' and similar words referring to future events and results. Such statements and information are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the risks of obtaining necessary approvals, licenses and permits and the availability of financing, as described in more detail in the Company's securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and the reader is cautioned against placing undue reliance thereon. Forward-looking information speaks only as of the date on which it is provided and the Company assumes no obligation to revise or update these forward-looking statements except as required by applicable law.
SOURCE: Renforth Resources Inc.