(TheNewswire)
Apex Resources Inc. - TheNewswire- April 12, 2021, - ("Apex”) (TSXV:APX) (OTC :SLMLF) is pleasedto announce that subject to regulatory approval, it has entered intoan asset purchase agreement (the “Agreement”) on April 7, 2021with West Mining Corp. (“West”) for West to acquire Apex’sremaining 20% interest in the Kena and DaylightGold-Copper Properties (the "Project") in British Columbiain exchange for: aggregate cash payments of$300,000; an aggregate of 1,500,000 common shares of West (each, a“Share”); and West granting Apex a 1.0% net smelter returnsroyalty on the Project, with West having the right to purchase the NSRfor $500,000 at any time prior to the commencement of commercialproduction on the Project.
Closing of the Agreement is subject to receipt ofapproval of the Canadian Securities Exchange (if and required) by Westand of the TSX Venture Exchange by Apex. Apex has received a$100,000 cash payment on execution of the Agreement, with theremaining $200,000 due upon regulatory approval. West will issuethe Shares to Apex on the closing date as follows: 375,000 Shareswill be subject to a four month hold period; additional 375,000 Shareswill be subject to a four month hold period and a voluntary six monthescrow period; and additional 750,000 shares will be subject to a fourmonth hold period and a voluntary 12 month escrow period.
The Project covers approximately 8,000 hectares of mineral claimslocated near Nelson, British Columbia. The Kena property is comprisedof the Kena Gold, Gold Mountain and Copper King showings together withthe historic Euphrates and Gold Cup gold mines. The adjacent Daylightproperty is comprised of the historic Daylight, Starlight, Victoriaand Great Eastern gold mines.
Apex had previously entered into an option agreement (“theOption”) (see Apex’s News Release of September 26, 2016) with1994854 Alberta Ltd. (“1994854”), a wholly owned subsidiary ofBoundary Gold and Copper Mining Ltd. (“Boundary”), whereby1994854 has an option to earn an 80% interest in the Project. In conjunction with the asset purchase agreement with Apex,West has also entered into an amending agreement dated April 7, 2021with Boundary and 1994854 which amends a share option agreement dated as of January 25,2021 between the parties (see the West’s press release dated January26, 2021 for a description of the share option agreement). Under theshare option agreement, West has the right to acquire all of theissued and outstanding shares of 1994854 from Boundary. The amending agreement provides that West can completeits acquisition of all of 1994854’s shares from Boundary.
On closing of the acquisition of the Project from Apexand of the 1994854 shares from Boundary, West will hold a 100%interest in and to the Project, subject to the NSR granted to Apexdescribed above and the underlying NSRsdescribed in West’s press release respecting the Project datedJanuary 26, 2021.
Arthur Troup, President and CEO of Apex, stated,“Apex wishes to thank the Management of West Mining Corp., BoundaryGold and Copper Mining Ltd. and 1994854 Alberta Ltd. for the professionalism and cooperation in facilitatingthis transaction. This transaction will allow Apex to focusresources on the further advancement and development of Apex’s otherprojects: the Jersey Emerald, Ore Hill and Mt. Andersonproperties.”
About Apex Resources Inc.
Apex is a Canadian mining exploration and developmentcompany focused on British Columbia and the Yukon Territories. Apexhas a portfolio of quality properties including:
-
1. The Jersey-Emeraldtungsten-zinc property in southern BC.
-
2. The Ore Hill gold property insouthern BC.
-
3. The Mount Andersongold-silver property in the Yukon.
Apex management has a track record of mine discoverythat includes the discovery and development of the renowned Hemlo GoldMine in Ontario and the Mengapur copper-gold-molybdenum porphyrydeposit (225Mt @ 0.59% Cu equivalent) in Malaysia now underdevelopment by Monument Mining Ltd.
For further information on the Company's projects,visit www.apxresources.com .
Arthur G. Troup, P.Eng., Geological
President and CEO
For further information please contact:
Marc Lee, Investor and Corporate Communications
Tel: (604) 628-0519 Fax: (604) 628-0446
Email: mlee@apxresources.com or info@apxresources.com
This release was prepared by Apex'smanagement. Neither TSX Venture Exchange nor its Regulation ServicesProvider (as the term is defined in the policies of the TSX VentureExchange) accepts responsibility for the adequacy or accuracy of thisrelease. This news release includes certain statements that may bedeemed "forward-looking statements." All statements in thisrelease, other than statements of historical facts, that addressfuture production, reserve potential, exploration drilling,exploitation activities and events or developments that Apex expectsare forward-looking statements. Although Apex believes theexpectations expressed in such forward-looking statements are based onreasonable assumptions, such statements are not guarantees of futureperformance and actual results or developments may differ materiallyfrom those in the forward-looking statements. Factors that could causeactual results to differ materially from those in forward-lookingstatements include market prices, exploitation and explorationsuccesses, and continued availability of capital and financing, andgeneral economic, market or business conditions. Investors arecautioned that any such statements are not guarantees of futureperformance and those actual results or developments may differmaterially from those projected in the forward-looking statements. Formore information on Apex, investors should review Apex's filings thatare available at www.sedar.com or Apex's website at www.apxresources.com .
Copyright (c) 2021 TheNewswire - All rights reserved.