Aldever Resources Inc. (ALD – TSX.V, ALDVF – OTCQB, Frankfurt: 17G1) (“Aldever” or the "Company”) is pleased to announce that on January 14, 2016, the TSX Venture Exchange accepted for filing, an amendment to its original agreement with Lions Gate Metals Inc. (CSE:LGM) (“LGM”) dated December 1, 2014 and previously amended on April 28, 2015, to acquire a 100-per-cent interest, subject to existing royalties, the Poplar Copper-Moly property in central British Columbia. The Poplar Copper-Moly property covers an area of approximately 60,000 hectares in the Omineca Mining Division, in the central interior of British Columbia, 50km south of the town of Houston. The project is a copper-molybdenum porphyry associated with the Late Cretaceous Poplar intrusive stock. The Huckleberry Mine located approximately 35km southwest of the property, produces copper and molybdenum from a deposit of similar age and geological setting.
Under the amended terms of the agreement, Aldever can earn 100% interest in the project by paying to LGM an aggregate of $2,350,000 (of which $50,000 has already been paid) at various intervals over four years and issuing a total of 4,000,000 common shares (of which 1,500,000 has already been issued), which will be subject to a statutory hold period of four months plus a day from the respective date of issuance in accordance with applicable securities legislation. In consideration of this renegotiated share issuance, the Company has reduced the aggregate cash outlay for the acquisition from $3,000,000 to $2,350,000 over four years. Additionally, Aldever is obligated complete $3,000,000 in exploration expenditures on the Poplar Project on or before December 1, 2020. Certain claims within the project area are subject to legacy 1% and 2% NSR interests, which can be purchased by Aldever for $100,000 and $1,000,000, respectively.
The technical contents of this news release have been prepared under the supervision of Dr. Peter Born, P. Geo. Dr. Born is a Qualified Person, as that term is defined in National Instrument 43-101, and has approved this news release.
For further information, please contact:
President & CEO
Phone: (604) 644-6794
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. Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, “forward‐looking statements”. Forward‐looking statements may be identified by words including “anticipates”, “believes”, “intends”, “estimates”, “expects” and similar expressions. The Company cautions readers that forward‐looking statements, including without limitation those relating to the Company’s future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward‐looking statements.