Metals Creek Resources Corp. Announces Agreement with Xmet https://thenewswire.ca/archives?tnwarchive2=release_id%3D10409
Toronto, Ontario, 04 November 2013. Metals Creek Resources Corp. (TSXV: MEK) (“Metals Creek” or “the Company”) is pleased to announce that it has executed an agreement (the “Agreement”) with Xmet Inc. (TSXV: XME) (“Xmet”) pursuant to which Xmet has the option to purchase a 100% interest in the 24 claim units recently staked by MEK located Northwest of and adjacent to Zenyatta Ventures Ltd.’s new hydrothermal graphite discovery.
Zenyatta describes their mineralization as the “largest and only new hydrothermal (vein type) graphite deposit being developed in the world”. Metals Creek staked the ground based on evaluation of historical magnetic data in the region which showed that magnetic low horizons exist on the property.
Under the Agreement, Xmet will pay the Company $10,000 ($5,000 upon regulatory approval and $5,000, ninety days after regulatory approval) and issue to the Company, 2 million Xmet common shares (300,000 upon regulatory approval and 1,700,000 within four months after regulatory approval, provided Xmet decides to continue with the option following an EM airborne survey)
Metals Creek will also retain a 1% NSR with Xmet having the right to buy back 0.5% for $500,000 and the remaining 0.5% for an additional $1,000,000.
Michael MacIsaac, P. Geo, VP Exploration for the Corporation and a qualified person as defined in National Instrument 43-101, is responsible for this release, and supervised the preparation of the information forming the basis for this release.