2014-02-20 15:25:13 -
Toronto, Ontario CANADA, February 20, 2014 /FSC/ - Renforth Resources Inc. (RFR - CSE), ("Renforth" or the "Company") is pleased to announce the acquisition of 191.4 hectares of ground (the "Property") adjoining the western boundary of Renforth's flagship New Alger project. The transaction is subject to the terms and conditions below. This ground is in line, to the west, with the potential strike of the Discovery Vein system Renforth explored this past summer which runs east/west across the southern portion of Renforth's current property.
"Renforth is happy to consolidate this acreage with our existing holding in the region. Data we had the opportunity to review prior to acquisition suggests that the Discovery Vein, and other features of interest, in the
sediments at the south of our property continue onto the Property which we are currently acquiring, and our agreement gives us the opportunity to test this hypothesis in the field this summer and acquire full ownership if justified," states Nicole Brewster, President and CEO of Renforth.
The acquisition is subject to several terms and conditions, including the following;
1 - upon approval of this transaction by Renforth's Board of Directors and the CNSX (or other such regulatory bodies as may be required) Renforth shall issue to the vendor 200,000 shares of Renforth from treasury;
2 - Upon or before the date which is 12 months from the signing of the agreement Renforth shall carry out $20,000 in exploratory work on the Property, issue to the vendor 100,000 Renforth treasury shares and pay the vendor $10,000, to acquire a 25% interest in the Property;
3 - Upon or before the date which is 24 months from the signing of the agreement Renforth shall carry out $30,000 in work on the Property, issue to the vendor 250,000 Renforth treasury shares and pay the vendor $15,000, to earn Renforth an additional 30% interest in the Property;
4 - Upon or before the date which is 36 months from the signing of the agreement Renforth shall carry out $50,000 in work on the Property, issue to the vendor 250,000 shares of Renforth from treasury and pay the vendor $25,000 in cash, to earn Renforth the final 45% interest in the Property.
The vendor of the property is an arms length individual and the Property is comprised of the following staked claims 5278943, 5278944, 2041048, 2041049, 2041053, 2041067, 2041051, and 2041050 located in Bousquet and Cadillac Townships of Quebec
Renforth Resources Inc. is a Toronto-based exploration company with interests in two exploration assets: the previously productive New Alger property, located in the Cadillac Break Mining Camp, Quebec, and the Mina Pilar Project, located SW of Madrid Spain, also a historic producer of gold.
For further information please contact:
Renforth Resources Inc.
President and Chief Executive Officer
T: (416) 368.5049 F: (416) 368.3151
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, including with respect to the estimation of a NI 43-101 compliant resource at the New Alger project. 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, licences 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.
RENFORTH RESOURCES INC.
65 Front Street East,
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Source: Renforth Resources Inc. (CSE: RFR)
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