Thundermin Resources Agrees to Sell a 6% Net Profits Interest in Certain Saskatchewan and Manitoba Exploration Properties to Foran
09.01.2014 | Marketwire
TORONTO, Jan 9, 2014 - Thundermin Resources Inc. ("Thundermin") (TSX VENTURE:THR) announces that it has agreed to sell to Foran Mining Corp. ("Foran") (the "Agreement") a 6% net profits interest ("NPI") that Thundermin holds in certain of Foran's mineral exploration properties located in Saskatchewan and Manitoba. In consideration for the NPI, Foran has agreed to pay $50,000 in cash and issue 100,000 common shares of Foran to Thundermin.The Agreement is subject to approval of the TSX Venture Exchange and resale restrictions and hold periods may be imposed by the TSX Venture Exchange on the Foran common shares to be issued under this Agreement.
About Thundermin
Thundermin is a Canadian-based mineral exploration company focused on the exploration for and the discovery of economically viable base metal and gold deposits in Canada. Thundermin has an interest in, or the right to earn an interest in, 12 base metal and gold properties in Canada. The most significant of these is the Little Deer copper property in the Springdale area of Newfoundland that hosts the Little Deer and Whalesback copper deposits. Thundermin and 50% joint venture partner Rambler Metals and Mining Canada Limited and have outlined Indicated Resources of 1,911,000 tonnes grading 2.37% copper and Inferred Resources of 3,748,000 tonnes grading 2.13% copper at Little Deer and Indicated Resources of 797,000 tonnes grading 1.67% copper and Inferred Resources of 443,000 tonnes grading 1.57% copper at Whalesback. A positive Preliminary Economic Assessment undertaken by P&E Mining Consultants Inc. was announced for Little Deer, on a stand- alone basis, in November 2011.
Thundermin owns a 100% interest in the Lebel Township gold property, which is located on the Kirkland Lake Main Break in the prolific Kirkland Lake gold camp. Thundermin has royalty interests in 12 base metal and gold properties located in Manitoba, Saskatchewan, British Columbia and Quebec, the most significant being a 2.5% net smelter return royalty in the Pelletier Lake gold deposit which is under option to QMX Gold Corp.. The Pelletier Lake property is currently in arbitration with Thundermin aiming to regain full ownership of the property. Thundermin also has various shareholdings in twelve other junior resource companies that are actively exploring for base metal, gold, chrome and diamond deposits in Canada.
For further information on Thundermin Resources Inc. please visit Thundermin's website at www.thundermin.com or the SEDAR website at www.sedar.com.
Contact
Thundermin Resources Inc.
John B. Heslop, President & CEO
(647) 344-1167
Thundermin Resources Inc.
James W. Gill, Chairman
416-450-1851
info@thundermin.com
www.thundermin.com