Ashburton Ventures Inc. Signs Letter of Intent to Sell Yukon Interests to Duncastle Gold Corp
23.06.2014 | Marketwire
VANCOUVER, Jun 23, 2014 - Ashburton Ventures Inc. (TSX VENTURE:ABR) (FRANKFURT:ARB) ("Ashburton" or the "Company") announces that it has entered into a Letter of Intent (LOI) with Duncastle Gold Corp. (TSX VENTURE:DUN) whereby Duncastle can acquire a 100% interest in the Company's three exploration properties in southwestern Yukon. The transaction will allow Ashburton to keep share dilution to a minimum and focus resources on its promising Sheslay district portfolio of properties in northwest B.C., highlighted by the Hackett Project where a Phase 1 work program has just been completed. Under the terms of the LOI, Duncastle may acquire a 100% interest in the Spy, Ultra and Catalyst/CKR properties by completing the following:
- Paying $50,000 and issuing an aggregate 8.5 million shares to Denali (the underlying vendor) over 3 years for the Catalyst project;
- Assuming the requirements of existing property agreements now in place for the Spy and Ultra properties by assignment from Ashburton, including the completion of $500,000 in exploration work, $85,000 in cash payments, and the issuance of 650,000 shares over 5 years;
- Paying $5,000 to Ashburton for the Ultra property and a further $5,000 to the underlying vendor of the Ultra property, and;
- Issuing 350,000 shares to Ashburton for purchase of the CKR claims and a further 150,000 shares to Ashburton for assignment of the Spy and Ultra claims.
The company looks forward to updating shareholders in the near future regarding progress at its highly prospective Hackett Project and the recently acquired claims contiguous to the western border of Garibaldi Resources Corp.'s Grizzly Property.
Ashburton Ventures is a junior exploration company actively seeking mineral and energy opportunities for the benefit of all its stakeholders.
ON BEHALF OF THE BOARD
Michael England
President
Forward-Looking Statement: Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Ashburton Ventures Inc. Actual results may differ materially from those currently anticipated in such statements. 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.
Contact
Ashburton Ventures Inc.
Michael England, President
1-604-683-3995
Toll Free: 1-888-945-4770
www.AshburtonVentures.com