Stillwater Critical Minerals Corp. press release
Copper Reef's Purchases Royalty
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(via Thenewswire.ca)
Copper Reef Mining Corporation (CNSX: CZC) (The "Company") wishes to announce that it has purchased a 2% NSR Royalty from Vista Gold Corp. held on 16 of the Company's 33 properties for a payment of $100,000 in cash and the issuance of 1,000,000 shares of Copper Reef. The 1,000,000 shares issued to Vista have a hold period of three years (expiring on June 26, 2015). The 2% NSR covering 16 of Copper Reef Properties totalled 14,300 hectares on 166 claims. The original buy back agreement was that 1% of the 2% NSR could be purchased for $1,000,000. This purchase removes the 2% NSR completely.
Copper Reef views this transaction as a key component in the restructuring of its large land position removing royalty burdens on the properties which have hindered optioning out certain properties to other players. This purchase is part of Copper Reef's strategic plan to either remove underlying agreements on its properties or to purchase additional royalties on key properties.
Copper Reef will use part of the funds from payments made to Copper Reef by the Manitoba government as part of their incentive MEAP grant and cash in lieu programs to cover the purchase. In addition, this year Copper Reef has received approval, as part of Manitoba's MEAP grants, for $84,000 on its North Star - Gold Rock Property in Snow Lake.
ABOUT COPPER REEF MINING CORPORATION
Copper Reef is a Canadian junior mineral exploration company with a specific focus on mineral properties in Northwest Manitoba and Northeast Saskatchewan, Canada. All of the Company's properties are currently at the exploration stage. The Company, which has no long-term debt, has assembled a portfolio of base metal and precious metal prospects and has the funds to explore them.
Copper Reef Mining Corporation
Stephen L. Masson M.Sc. P.Geo.
President & CEO
No securities regulatory authority has reviewed or accepts responsibility for the adequacy or accuracy of this release. Some of the statements contained in this release are or may be considered forward-looking statements, such as estimates and statements that describe Copper Reef's future plans, objectives or goals, including words to the effect that Copper Reef or its management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. We seek safe harbour.
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