VANCOUVER, BC / ACCESSWIRE / September 30, 2022 / Goldplay Mining Inc. (TSXV:AUC) (US/OTCQB:AUCCF), (Frankfurt:9FY), (the "Company" or "Goldplay"), is pleased to announce that it has signed an Option Agreement with Scottie Resources Corp. ("Scottie"), a company engaged in the exploration and evaluation of gold and silver properties located in the "Golden Triangle" of British Columbia, to purchase an working interest in Scottie's exploration properties (the "Option").
Terms of the Agreement
Goldplay can acquire up to 3.75% interest in the Scottie's properties by incurring up to $1,500,000 in exploration expenses until December 31, 2022. If the exploration expenses incurred amount to less than $1,500,000, Goldplay's earned interest in the Scottie's properties will be reduced proportionally.
Following the exercise of the Option, Goldplay will have the right (the "Put Right") to require Scottie to repurchase the interest earned by Goldplay by paying cash, at a price calculated by dividing the total exploration expenditures incurred by Goldplay by 1.7.
Following the exercise of the Option, Scottie will have the right (the "Call Right") to repurchase the interest earned by Goldplay by paying cash, at a price calculated by dividing the total exploration expenditures incurred by Goldplay by 1.7.
In the event the Put Right or the Call Right is exercised, Scottie may, in its sole discretion, satisfy up to $300,000 of the price for the repurchase of Goldplay's interest by issuing Goldplay common shares in the capital of Scottie.
About Goldplay Mining
Goldplay Mining is a Canadian public company listed on TSXV and in US on OTCQB. Goldplay holds large district scale gold, and copper-gold projects located in BC's Golden Triangle and southwestern BC with potential for world class mineral discoveries. The Company also holds several brownfield gold, and copper-gold projects located in Portugal with near term mining potential.
On behalf of the Board of Directors
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This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the completion of the Option and the exploration and development potential of Goldplay's properties. Generally forward-looking statements can be identified by the use of terminology such as "anticipate", "will", "expect", "may", "continue", "could", "estimate", "forecast", "plan", "potential" and similar expressions. These forward-looking statements involve risks and uncertainties relating to, among other things, results of future exploration and development activities, uninsured risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, changes in commodity prices and unanticipated environmental impacts on operations. Although the Company believes current conditions and expected future developments and other factors that have been considered are appropriate and that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct or enduring. Readers are cautioned to not place undue reliance on forward-looking information. The statements in this press release are made as of the date of this release. Except as required by law, the Company does not undertake any obligation to update publicly or to revise any forward-looking statements that are contained or incorporated in this press release. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
Neither the 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.
SOURCE: Goldplay Mining Inc.