(TheNewswire)
Vancouver, BC / TheNewswire / April 26 2017 - Blind Creek Resources Ltd. (TSXV: BCK) (the “Company”) is pleased to announce that it has completed the acquisition of 100% interest in the Engineer Mine property and the adjoining Gold Hill property, situated approximately 32 kilometres southwest of Atlin, British Columbia, (see map enclosure attached or go to the Company’s website) pursuant to terms of the agreement (the “Agreement”) the Company had entered with Pan Andean Minerals Ltd. (formerly, BCGold Corp., “Pan Andean”). The Company has fully paid the purchase price for these properties and satisfied its obligations under the Agreement. The Company has granted to Pan Andean a 1.0% net smelter return royalty (“Pan Andean’s Royalty”) on the Engineer Mine property, the Gold Hill property, and the Company’s Blind Creek property that borders the west and south sides of the Engineer Mine and Gold Hill properties. Guardsmen Resources Inc. retains a 2.5% net smelter return royalty (“Guardsmen’s Royalty”) on the Gold Hill property. The Company has rights to buy back all of Pan Andean’s Royalty under the Agreement and rights to buy back up to 2% of Guardsmen’s Royalty.
Consolidation of the mineral claims constituting the Engineer Mine and Gold Hill properties allows the Company to explore and possibly develop the area’s underlying resources as a whole in an efficient and cost-effective manner. While the Company will remain focused on developing its key Blende Project in the Mayo Mining District, Yukon, the Company also plans to commence a 2017 work program on the Engineer Mine property, including soil geochemical surveys, trenching, geological mapping, sampling and diamond drilling. The Company has engaged Mr. Darren O'Brien, P.Geo. to update the Engineer Mine property NI 43-101 technical report. The Company has recently enlarged the Engineer Mine property by staking 25 additional mineral claims totalling 8,287 hectares, as a result the Engineer Mine property has significantly increased in size from 3,537 hectares to 11,668 hectares. Overall the Engineer Claim Group is 18 kilometres by 9.5 kilometres in size.
No securities of the Company were issued as consideration for the transaction under the Agreement, and as such the transaction constitutes an Exempt Transaction in accordance with Policy 5.3 of the TSX Venture Exchange.
On Behalf of the Board of Directors of Blind Creek Resources Ltd.
“Thomas Kennedy”
Thomas Kennedy,
Chief Executive Officer
For further information please contact:
Christopher P. Cherry, Chief Financial Officer
Tel: (604) 908-3095 • Fax: (604) 669-3041
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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.
This news release includes certain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements include, among others, statements with respect to the timing and completion of the work planned for the Engineer Mine and Gold Hill properties. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, among others, the timing and completion of the work planned for the Engineer Mine and Gold Hill properties, the anticipated benefits of the acquisition of the Engineer Mine and Gold Hill properties to the Company, the timing and success of the Company’s future exploration and development activities, exploration and development risks, market prices, exploitation and exploration results, availability of capital and financing, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials and equipment, unanticipated environmental impacts on operations and other exploration risks detailed herein and from time to time in the filings made by the Company with securities regulators. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that the work planned for the Engineer Mine and Gold Hill properties will proceed as planned, the anticipated benefits of the acquisition of the Engineer Mine and Gold Hill properties will be realized, the proposed exploration and development of the Company’s mineral projects will proceed as planned, market fundamentals will result in sustained metals and mineral prices, and any additional financing needed will be available on reasonable terms. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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