Kermode enters option to acquire 911 Knockout project
2023-06-22 16:09 ET - News Release
Mr. Peter Bell reports
KERMODE OPTIONS 911 KNOCKOUT FOR 3 PROJECTS ON VANCOUVER ISLAND
Kermode Resources Ltd. has optioned the 911 Knockout project on Vancouver Island as an exempt transaction within TSX Venture Exchange policy.
The Knockout project is composed of the following separate projects with total size of all three projects of approximately 935 hectares. The projects are as follows:
- The Maidan project covers 341 hectares with claim No. 1101659, 1101723 and 1101724.
- The Robertson River copper project covers 340 hectares with claim No. 1101059.
- The Comego project covers 254.69 hectares with claim No. 1102760.
There are no cash payments, no share payments and no work commitments. To earn 100-per-cent ownership of the project, Kermode must make the following payments:
- A 2-per-cent royalty with a $2-million buydown to eliminate the royalty; the buydown shall apply once for all the projects in the 911 Knockout project collection;
- 20-per-cent sale participation right for 10 years;
- Area of interest clause whereby the terms of this deal shall apply to any contiguous property that shall be acquired by either party within a five-kilometre radius at the discretion of Kermode;
- Sole discretion clause where Kermode can exercise the purchase option for any or all of the claims included in the 911 Knockout project at any time at the sole discretion of Kermode.
About Kermode Resources Ltd.
Kermode is a junior mining company hunting for exploration opportunities around the world.
We seek Safe Harbor.
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