Marketwired

Group Ten Metals Amends Black Lake Property Agreements

Marketwired

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 21, 2016) - Group Ten Metals Inc. (TSX VENTURE:PGE)(5D31.F) (the "Company" or "Group Ten") announces amendments to three property agreements for its Black Lake gold project.

The Black Lake gold project is located 10 kilometers south of Sioux Lookout and 70 kilometers east of Dryden in northwest Ontario, beside First Mining Finance Corp.'s Goldlund project and Treasury Metals Incorporated's Goliath project. All three projects are located on the Sioux Lookout Deformation Zone northwest of New Gold Inc.'s Rainy River deposit, in the same Archean greenstone belt as the Rainy River project.

The Company consolidated the project through four property deals plus direct staking. Three of the agreements have been amended as follows:

Rubicon Minerals Corporation

The Company has amended the schedule of cash payments per an agreement with Rubicon Minerals Corporation as follows:

  1. $25,000 payable by August 12, 2015 shall now be payable by September 30, 2016;

  2. $30,000 payable by February 12, 2016 shall now be payable by September 30, 2017; and

  3. $50,000 payable by August 12, 2016 shall now be payable by September 30, 2018.

In consideration of such deferrals, Group Ten agrees to issue 400,000 shares to Rubicon and pay an additional $5,000.

NWT Copper Mines Ltd

The Company has amended an agreement with NWT Copper Mines Ltd to defer by three years a total of $1.25 million in annual exploration work requirements. The amended dates are as follows:

  1. $50,000 in work required on or before December 31, 2017;

  2. $150,000 in work required on or before December 31, 2018;

  3. $200,000 in work required on or before December 31, 2019;

  4. $250,000 in work required on or before December 31, 2020;

  5. $300,000 in work required on or before December 31, 2021; and

  6. $300,000 in work required on or before December 31, 2022;

DLK / Rubicon Minerals Corporation

The Company has amended an agreement with Rubicon Minerals Corporation and DLK Minerals Ltd, a private company, to pay an outstanding payment in stock and defer other cash payments by one year, as follows:

  1. Issue 250,000 common shares within ten (10) days of regulatory approval to meet in full the payment of $12,000 which was due on December 30, 2015;

  2. defer payment of $16,000 due on December 30, 2016 by one year to December 30, 2017;

  3. defer payment of $20,000 due on December 30, 2017 by one year to December 30, 2018; and

  4. defer payment of $30,000 due on December 30, 2018 by one year to December 30, 2019.

More information is available on the Company's website at http://grouptenmetals.com.

and

Recommended Stories