Metals Creek Options 60% of Feagan Lake Graphite Project to Xmet Inc.
May 22 2014 - 3:34PM
Marketwired
Metals Creek Options 60% of Feagan Lake Graphite Project to Xmet
Inc.
TORONTO, ONTARIO--(Marketwired - May 22, 2014) - Metals Creek
Resources Corp. (TSX-VENTURE:MEK) ("Metals Creek" or "the Company")
is pleased to announce that it has executed an agreement (the
"Agreement") with Xmet Inc. ("Xmet") pursuant to which Xmet has the
option to earn a 60 % interest in the Feagan Lake Graphite Project
located 7 west of and adjacent to Zenyatta Ventures Ltd.'s new
hydrothermal graphite discovery.
Metals Creek has discovered several conductive electromagnetic
targets on the recently staked Feagan Lake Graphite property. These
new electromagnetic (EM) conductive responses were flown with the
VTEM plus time domain system targeting previously identified
magnetic lows that resulted in the discovery of several new
exploration targets exhibiting similar features to that of
Zenyatta's hydrothermal graphite discovery. One of the EM responses
in particular returned a strong conductive response on all channels
with an associated magnetic low.
In order to earn a fifty percent (50%) interest in the claims,
Xmet has agreed (a) to make a cash payment of $5,000 and issue
1,000,000 common shares to Metals Creek, forthwith after receiving
the approval of the Exchange; (b) carry out $60,000 in work
obligations, make a cash payment of $15,000 and issue a further
1,000,000 shares to Metals Creek within five months of Exchange
approval; (c) carry out a further $150,000 in work obligations and
perform a minimum 500m of drilling within one year of Exchange
approval; (d) carry out a further $250,000 in work obligations and
issue 500,000 shares to Metals Creek within two years of Exchange
approval; and (e) carry out a further $425,000 in work obligations
and issue 500,000 shares to Metals Creek within three years of
Exchange approval. Xmet may then increase its interest from fifty
percent to sixty percent within 90 days after earning its fifty
percent interest by making a cash payment of $100,000, issuing
1,500,000 shares to the Optionor and conducting $1,000,000 in work
obligations over the next year. Xmet may at any time accelerate its
obligations to earn its interest earlier. Once Xmet's interest is
earned, the project will continue as a joint venture with Metals
Creek. This agreement is subject to the approval of the TSX Venture
Exchange (the "Exchange").
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.
About Metals Creek Resources Corp.
Metals Creek Resources Corp. is a well funded junior exploration
company incorporated under the laws of the Province of Ontario, is
a reporting issuer in Alberta, British Columbia and Ontario, and
has its common shares listed for trading on the Exchange under the
symbol "MEK". Metals Creek has earned a 50% interest in the Ogden
Gold Property, including the former Naybob Gold mine, located 6 km
south of Timmins, Ontario and has a 8 km strike length of the
prolific Porcupine-Destor Fault (P-DF) that stretches between
Timmins, Ontario and Val d'Or, Quebec. The Corporation is also
engaged in the identification, acquisition, exploration and
development of other mineral resource properties, and presently has
mining interests in Ontario, Yukon and Newfoundland and Labrador.
Additional information concerning the Corporation is contained in
documents filed by the Corporation with securities regulators,
available under its profile at www.sedar.com
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.
Metals Creek Resources CorpAlexander (Sandy) StaresPresident and
CEO(709)-256-6060(709)-256-6061astares@metalscreek.comwww.MetalsCreek.comMetals
Creek Resources
Corpwww.twitter.com/MetalsCreekReswww.facebook.com/MetalsCreek
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