Irving Resources to acquire Japanese mining right
2016-08-29 09:41 ET - News Release
Ms. Akiko Levinson reports
IRVING RESOURCES ENTERS INTO MINING RIGHT PURCHASE AGREEMENT IN JAPAN
Irving Resources Inc. has entered into an agreement to purchase a 100-per-cent interest in a mining right located in Japan. The total purchase price for the mining right is 40 million yen cash (approximately $514,000) and 10 million yen (approximately $128,500) worth of Irving common shares. The shares will be subject to a statutory hold period of four months from the closing date.
The mining right encompasses an area of roughly 298 hectares covering a young, possibly Quaternary-aged hot spring centre hosted by Tertiary-aged intermediate and felsic volcanic rocks. Irving thinks the property is prospective for epithermal precious-metal vein deposits. The company plans to conduct initial fieldwork including mapping and sampling later this fall.
Dr. Quinton Hennigh (PhD, PGeo) is the qualified person pursuant to National Instrument 43-101 responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is a technical adviser and director of the company.