Vancouver, BC – Mountain Boy Minerals Ltd (“Mountain Boy” or the “Company”) (TSX.V: MTB; Frankfurt: M9UA) is pleased to announce that Great Bear Resources Ltd has agreed to accept 620,000 shares of Mountain Boy in settlement of the $350,000 final scheduled payment under an agreement by which the Company is re-acquiring from Great Bear a 50% interest in the 187 sq km (18,700 ha) properties comprising the BA project and the Surprise Creek project.
Pursuant to an agreement in 2010, Great Bear earned a 50% interest from Mountain Boy. In June 2017, the Company and Great Bear entered into an agreement in which the Company was granted the option to re-acquire Great Bear’s 50% interest in the Barbara and Surprise Creek properties by making a series of cash and share payments to Great Bear. The current payment is the final scheduled payment under that arrangement. There remains a series of milestone payments under separate options for each of the properties, which can be exercised independently. (The milestones are: completing a resource estimate, completing a pre-feasibility study and commencement of mine development.) The total amount of those payments, should both projects go through to development, would be $3.7 million.
Mountain Boy has no further obligations to Great Bear other than the payments related to reaching those milestones.
On behalf of the Board of Directors:
Lawrence Roulston
President & CEO
