Rainmaker Mining Corp. Acquires Jayjay Lake Silica Sands Project, Saskatchewan
January 09 2014 - 7:45AM
Marketwired
Rainmaker Mining Corp. Acquires Jayjay Lake Silica Sands Project,
Saskatchewan
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 9, 2014) -
Rainmaker Mining Corp. ("Rainmaker") (TSX-VENTURE:RMG) is pleased
to announce that it has entered into an Option Agreement with JCMP
Management Corp. to acquire a 3637 acre quarry permit on the Jayjay
Lake silica sand project in northern Saskatchewan. The terms of the
acquisition are:
- $10,000 on signing a Letter of Intent;
- $35,000 and 1,400,000 shares of Rainmaker on receiving all
necessary approvals;
- 1,000,000 shares of Rainmaker 18 months after the approvals are
obtained;
- The vendor retains a 2% NSR.
JCMP has an option to acquire the permit from the original
permittee.
Rainmaker plans to commence exploration on the property with an
extensive sampling program, as soon as snow conditions permit.
Chris M. Healey, a Director of Rainmaker commented, "Rainmaker
has targeted the Frac Sands industry due to increasing demand,
favorable economics and the potential low capex nature of beach
sand silica operations. The company feels that this initial project
is well suited to the turbulent nature of the current minerals
markets."
In addition, the company is actively seeking other opportunities
in related products.
Jayjay Lk project:
The Jayjay silica sand project is located in north-central
Saskatchewan, approximately 185 km north-east of Prince Albert SK,
and 150 km west of Flin Flon MB. Access is excellent with an
all-season Province Road crossing the centre of the property. The
property consists of 92 Quarry Dispositions (3637 acres), for which
a Quarry Permit has been issued by the Government of
Saskatchewan.
The sand deposit lies at surface and consists entirely of beach
sand from the shores of glacial Lake Agassiz. This lake covered
much of the central Prairies until approximately 10,000 years
before present. Wave action on the beaches has resulted in clean,
well-rounded sand grains, which may be suitable for hydraulic
fracturing. The sand is derived from a marine quartzose sandstone
horizon in the Cretaceous Manville formation.
Previous work in the 1980s confirmed the presence of this
potential high quality sand. At that time, the markets were
limited, and the selling prices were much lower than today.
Chris M. Healey, P.Geo, a Director of Rainmaker, is the
qualified person responsible for the technical content of this
release.
On Behalf of the Board of Directors,
Bev Funston, Director
Rainmaker Mining Corp.
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.
Rainmaker Mining Corp.Bev FunstonDirector(604) 921-1810(604)
921-1898www.rainmakermining.com
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