VANCOUVER, BC--(Marketwired - February 02, 2017) - Genesis Metals Corp.
(TSX VENTURE: GIS) ("Genesis" or the "Company") is pleased to announce that it has entered into a
binding purchase and sale agreement (the "Purchase Agreement") to acquire a 100% interest in the Hygrade Property (the
"Property") from Les Ressources Tectonic Inc. ("Tectonic"). The Property is located within the boundaries of the Company's
Chevrier Project near Chibougamau, Quebec.
The Property is comprised of 9 contiguous claims and represents an area of 254 ha (2.54 km2). Subject to regulatory
approval, Genesis will acquire an undivided 100% interest in the Property by:
- making a cash payment to Tectonic of C$25,000
- issuing 166,666 common shares of Genesis to Tectonic
- granting a 2% net smelter royalty to Tectonic, which royalty may be decreased to 1% at any time by paying Tectonic the sum
of C$1,500,000, on the third business day following receipt of TSX Venture Exchange approval.
About Genesis Metals
The Company is focused on advancing the Chevrier Gold Project located 35 km southwest of Chibougamau, Quebec. The
Project is located along the Fancamp Deformation Zone, 15 km northeast of the high-grade Monster Lake gold discovery.
Genesis also owns 100% the 203 km2 October Gold project located in the southern Swayze greenstone belt in Benton
Township, Ontario. This project is located 35 km northwest of IAMGold's Cote Lake deposit and 50km southeast of Goldcorp's Borden
gold deposit.
ON BEHALF OF THE BOARD
"Brian Groves"
Brian Groves
CEO and Director
"Jeff Sundar"
Jeff Sundar
Executive Vice-President and Director
Neither the 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.
Certain disclosure in this release constitute forward-looking information or statements (collectively, "forward-looking
statements") for the purpose of applicable securities laws. In making the forward-looking statements, the Company has applied
certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information
currently available to the Company, including that the Company is able to obtain any government or other regulatory approvals
required to complete the Company's planned exploration and development activities, that the Company is able to procure personnel,
equipment and supplies required for its exploration and development activities in sufficient quantities and on a timely basis and
that actual results of exploration activities are consistent with management's expectations. Although the Company considers these
assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the
forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future
results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among
others, that the Company will be unable to obtain required regulatory approvals on a timely basis or at all, that actual results
of the Company's exploration activities will be different than those expected by management and that the Company will be unable
to obtain or will experience delays in obtaining any required government approvals or be unable to procure required equipment and
supplies in sufficient quantities and on a timely basis. Readers are cautioned not to place undue reliance on forward-looking
statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any
forward-looking statements whether as a result of new information, future events or otherwise, except as required by
law.