Stewart, BC – Further to its news release dated January 7, 2020, Decade Resources Ltd. (the “Company”) is pleased to provide an update regarding the Company’s option agreement (the “Option Agreement“) with Teuton Resource Corp. (the “Optionor“) whereby the Company was granted an exclusive option to acquire up to a 75% interest in the Del Norte property (the “Property“), situated 34 kilometres east of Stewart, BC.
Pursuant to the terms of the Option Agreement, in order to exercise the Company’s exclusive right to acquire a 55% interest in the Property, subject to an underlying 2% gross smelter return royalty, the Company must:
- complete $200,000 in cash payments to the Optionor, in stages over a 4-year period
- issue up to 4,400,000 common shares in the capital of the Company, in stages over a 4-year period; and
- complete a total of $4,000,000 in exploration expenditures on the Property in stages, over a 5-year period.
Upon earning a 55% interest on the Property, the Company has the exclusive right to acquire an additional 20% interest in the Property upon, among other things, the commencement of commercial production on the Property.
The Option Agreement remains subject to approval of the TSX Venture Exchange.
BY ORDER OF THE BOARD OF DIRECTORS OF
DECADE RESOURCES LTD
“Randolph Kasum”
Randolph Kasum
Director
FORWARD LOOKING STATEMENTS
This news release may contain forward‐looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward‐looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date such statements were made. 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.