Kirkland Lake, Ontario - August 7, 2018 (Newsfile Corp.) (Investorideas.com Newswire) RJK Explorations Ltd. (TSXV: RJX.A) ("RJK" or the "Company") RJK has entered into a revised property option agreement with Globex Mining Enterprises Inc. ("GMX") on the Maude Lake Gold Property. The terms of the revised option are a cash payment of $20,000 on signing; in 4 months a further $100,000 payment and 400,000 shares with a commitment to spend a minimum of $500,000 within 12 months. The initial expenditures follow the recommendations contained in the NI 43-101 report on the property filed by RJK Explorations Ltd. in 2017.
Further commitments to earn an initial 50% interest in the property over a 3-year period would be:
Year 2 - $150,000 cash, 500,000 shares and $600,000 expenditures
Year 3 - $800,000 cash, 1,500,00 shares and $1,500,000 expenditures
At that point, a joint management committee would be formed.
RJK would have the right to earn an additional 10% by expending a further $2,000,000 in Year 4.
RJK will grant a 2.5% GMR (Gross Metal Royalty) to GMX, which can be reduced by 1% with the payment of $2 million. The Property is also subject to a 1.5% NSR in favor of a party related to GMX which can be reduced by 0.5% with the payment of $500,000. A 1.5% NSR is also payable to an unrelated party on two separate patented land parcels and can be reduced by 1% with the payment of $300,000.
Glenn Kasner, President
Telephone: (705) 567-5351
Mobile: (705) 568-7567
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.
Forward Looking Information
This news release includes certain forward-looking statements, which may include, but are not limited to, statements concerning future mineral exploration and property option payments. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "will", "anticipate", "believe", "plan", "estimate", "expect", "intend", "propose" and similar expressions. Forward-looking statements involve known and unknown risks and uncertainties that could cause actual results, performance, or achievements to differ materially from those expressed or implied in this news release. Factors that could cause actual results to differ materially from those anticipated in this news release include, but are not limited to, the financial resources of the Corporation being inadequate to carry out its stated plans. RJK assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements except as required by applicable law.
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