Vancouver, BC -- Roughrider Exploration Limited (TSX-V: REL) ("Roughrider" or the "Company") is pleased to announce it has received final approval from the TSX Venture Exchange (the "TSX-V") for the Empire Mine property transaction ("Empire Option Agreement"), which was previously announced on September 24, 2020.
Pursuant to the terms of the Empire Option Agreement, Roughrider can acquire a 100% interest in the Empire Mine property from Mirva Properties Ltd. (the "Optionor") by making aggregate cash payments of $1,250,000, issuing 3,000,000 common shares of the Company and undertaking work commitments totaling $2,000,000 over a five year period.
Roughrider has made an initial cash payment of $50,000 and has issued 200,000 common shares of the Company to the Optionor, the shares of which will be subject to a hold period expiring four months and one day from the date of issuance.
The Optionor will retain a 2% Net Smelter Return ("NSR") royalty on the Empire Mine property of which 1% may be purchased for $1,000,000 at any time up to 120 days after commencement of commercial production. The Empire Option Agreement has been structured such that this NSR royalty plus all other NSR royalties which may currently exist and be payable on the Empire Mine property do not exceed in aggregate 2.5% before buydowns.
About Roughrider Exploration Limited
Roughrider's current exploration focus is on the Empire Mine property located on Northern Vancouver Island, B.C. and covers three past-producing open pit mines and two past-producing underground mines that produced iron, copper, gold and silver. Roughrider's other properties include its 100% owned Eldorado, Gin and Bonanza properties located in the Golden Triangle of northern B.C. which are adjacent to the Red Chris Mine as well as its 100% Sterling property which is located in central B.C. Roughrider management also continuously reviews strategic precious metals opportunities in western North America.
On Behalf of the Board of Directors:
Adam Travis, Chief Executive Officer and Director
For further information, please contact:
Adam Travis, CEO
Roughrider Exploration Limited
625 Howe Street, Suite 420
Vancouver, B.C. V6C 2T6, Canada
Neither 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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain information contained or incorporated by reference in this press release, including any information regarding the proposed Transaction, private placement, board and management changes, as to our strategy, projects, plans or future financial or operating performance, constitutes "forward-looking statements." All statements, other than statements of historical fact, are to be considered forward-looking statements. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable by Roughrider, are inherently subject to significant business, economic, geological and competitive uncertainties and contingencies. Although Roughrider believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Such factors include but are not limited to: fluctuations in market prices, exploration and exploitation successes, continued availability of capital and financing, changes in national and local government legislation, taxation, controls, regulations, expropriation or nationalization of property and general political, economic, market or business conditions. Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance and, therefore, readers are advised to rely on their own evaluation of such uncertainties. All of the forward-looking statements made in this press release, or incorporated by reference, are qualified by these cautionary statements. We do not assume any obligation to update any forward-looking statements.