LONDON, UK / ACCESSWIRE / April 29, 2014 / Hunter Bay Minerals plc ("Hunter Bay") (TSX-V: HBY OTCQX: HTBNF) is pleased to announce that it has exercised its option to acquire a 70% interest in the Sela Creek Project, located in eastern Suriname.
The acquisition of a 70% interest was completed pursuant to the terms of the amendment agreement (the "Amendment Agreement") dated September 5, 2013, amending the terms of its option agreement with Sela Kriki Okanisi Resources N.V. (the "Owner") dated December 21, 2010 (see news release dated September 5, 2013). As a result, Hunter Bay issued 18,000,000 ordinary shares to the Owner in accordance with the terms of the Amendment Agreement and removed its obligation to incur $2,000,000 in exploration expenditures on the Sela Creek Project.
The Amendment Agreement also provides that the completion date of the scoping study on the Sela Creek Project, which is required to earn an additional 10% in the Sela Creek Project, will be extended from December 21, 2014 to December 21, 2015. Notwithstanding this extension, Hunter Bay will still be required to make a cash payment of $500,000 to the Owner on December 21, 2014 in order to earn the additional 10% interest in the Sela Creek Project.
Hunter Bay's Chief Executive Officer, Keith Minty, comments that, "The acquisition of a 70% interest in the Sela Creek Project is an important milestone for Hunter Bay. We are happy to have our local partner, Sela Kriki, become a major shareholder of Hunter Bay and look forward to building upon on our strong working relationship with them."
About Hunter Bay
Hunter Bay is engaged in the acquisition, exploration and development of mineral resource properties located in South America and Canada. Hunter Bay's lead project is the Sela Creek Project, located in Suriname, in which Hunter Bay owns a seventy percent (70%) interest and an option to acquire an additional ten percent (10%) interest. Hunter Bay also owns a one-hundred percent (100%) interest in the Great Bear Lake Properties located in the eastern side of Great Bear Lake, NWT, Canada.
For additional information please contact:
Hunter Bay Minerals plc
Bridge House, London Bridge
London, England SE1 9QR
Keith Minty, CEO and director
Phone: (289) 242-8858
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Hunter Bay cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Hunter Bay's control. Such factors include, among other things: risks and uncertainties relating to Hunter Bay's ability to complete its proposed exploration program on the Sela Creek Project. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Hunter Bay undertakes no obligation to publicly update or revise forward-looking information.
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SOURCE: Hunter Bay Minerals plc