VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 14, 2016) - Rapier Gold Inc. (TSX VENTURE:RPR) (the "Company") is pleased to announce that it has entered into an agreement for the purchase of the Pen South property. Upon completion of the terms of the purchase agreement, anticipated to be completed prior to July 31, 2016, the Company will pay $325,000 and issue 1,500,000 common shares. The terms of the purchase agreement include acquiring 100% purchase of the Pen South property, subject to a 2% NSR. The entire NSR may be purchased for $3,000,000.
The agreement covers 10,848 hectares and replaces the option to explore for gold on the Pen Gold South property entered into at the time of listing the Company. These claims are part of a contiguous block with the Pen Gold North claims, which total 5,600 hectares, and were acquired from Rio Tinto plc. The final terms of this share purchase agreement were met in February, 2016.
The combined land position, totaling approximately 16,400 hectares (approximately 160 sq km), is outlined on the map attached as Appendix 1.
The majority of the Company's exploration work to date has focused on Pen Gold North, with key target areas identified to date include:
Pen Gold Project Summary
ON BEHALF OF THE BOARD OF DIRECTORS
Roger Walsh, President & CEO
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 news release.
Cautionary Note Regarding Forward Looking Statements: Certain disclosure in this release constitutes forward-looking statements. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company, including that the Company is able to procure personnel, equipment and supplies required for its exploration activities in sufficient quantities and on a timely basis and that actual results of exploration activities are consistent with management's expectations. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, that actual results of the Company's exploration activities will be different than those expected by management and that the Company will be unable to obtain financing, or will experience delays in obtaining any required government approvals or be unable to procure required equipment and supplies in sufficient quantities and on a timely basis. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and 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 required by law.
Appendix 1 and Appendix 2 are available at the following address: http://media3.marketwire.com/docs/RapierGold_Appendix.pdf
Rapier Gold Inc.
Roger Walsh
President & CEO
(604) 617-1627
[email protected]
www.rapiergold.com