(TheNewswire)
August 5 th , 2021 – TheNewswire- Vancouver, British Columbia – Kiplin MetalsInc. (“The Company”) (TSXV:KIP ) , (OTC:ALDVF), ( Frankfurt:17G1) is pleased to announce that it has enteredinto a mineral property option agreement (the “Option Agreement”)with Kode Mineral Exploration Ltd. (the “Vendor”), an arms-lengththird party, pursuant to which the Company has been granted the optionto acquire a 100% interest in the Lac Rochester Copper Property (the“Project”) which is comprised of 48 map designated mineral claims,covering an area of approximately 2,774 hectares in the Province ofQuebec.
The Lac Rochester Copper Project is located on theeastern border of the Val d’Or mining camp, 50km southeast of thecity of Val D’Or, and 14km south of the Company’s flagshipproperty, the Exxeter Gold Project. Exploration of the Lac RochesterCopper Project in the 1960’s identified multiple high copper andiron values, concurrent with a large, northeast trending magneticanomaly. The Company is in the process of compiling and digitizinghistorical date on the project, with the intention of commencingexploration in the near term.
Under the terms of the Option Agreement, the Companycan acquire all rights to the Project, subject to a one-percent netsmelter returns royalty on commercial production to be granted to theVendor, which can be purchased by the Company at any time for a cashpayment of $1,000,000. In order to exercise the option and acquire theProject, the Company must make cash payments to the Vendor of$400,000; $10,000, on signing of the Agreement, $140,000 at eighteen months after the signing of theAgreement, $250,000 at thirty-six months after the signing of theAgreement. The company must also incur workexpenditures of $400,000 on the Project, all over a three-yearterm.
No securities of the Company are issuable to the Vendorin accordance with the Option Agreement. The Company does not intendto devote the majority of its resources to the development of theProject in the next twelve-months, nor does it expect the Project torepresent the majority of its assets going forward.
For further information, contact the Company at604-622-1199.
On behalf of the Board ofDirectors,
“Peter Born”
Director
Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.
This news release may include forward-lookingstatements that are subject to risks and uncertainties. All statementswithin, other than statements of historical fact, are to be consideredforward looking. Although the Company believes the expectationsexpressed in such forward-looking statements are based on reasonableassumptions, such statements are not guarantees of future performanceand actual results or developments may differ materially from those inforward-looking statements. There can be no assurances that suchstatements will prove accurate and, therefore, readers are advised torely on their own evaluation of such uncertainties. We do not assumeany obligation to update any forward-looking statements except asrequired under the applicable laws.
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