Stratton Resources Acquires Rights to 119,000 hectares in Newfoundland, Canada
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov 3, 2016) - Stratton Resources Inc. (TSX VENTURE:SI) ("Stratton" or the "Company"), is pleased to announce that it has entered into an option agreement with Wildwood Exploration Inc. to acquire the rights to approximately 119,000 hectares in Newfoundland, Canada (the "Option"). The project area is comprised of three claim groups situated along a 100km trend extending northeast from Marathon Gold's Valentine Lake gold project and a fourth claim block situated along the structural corridor know as the Gander Trend that is characterized by numerous high-grade gold occurrences.
Under the terms of the Option, the Company may acquire a 100% interest, subject to a NSR royalty, in 4,777 mineral claims through a combination of work expenditures and cash and share payments as listed in the table below:
| Due dates | Cash Payments | Stratton Common Shares Issuable | Work Expenditures | ||
| On signing | $ | 75,000 | 100,000* | - | |
| Within 12 months of the commence of work | $ | 150,000 | 200,000 | $ | 250,000 |
| Within 24 months of the commence of work(additional) | $ | 200,000 | 250,000 | $ | 500,000 |
| Within 36 months of the commence of work (additional) | $ | 250,000 | 400,000 | $ | 500,000 |
| Within 48 months of the commence of work (additional) | $ | 175,000 | 500,000 | $ | 1,000,000 |
| Within 60 months of the commence of work (additional) | - | 1,750,000 | - | ||
| Total | $ | 850,000 | 3,200,000 | $ | 2,250,000 |
* Within in 5 days of the acceptance of the Option from the TSX Venture Exchange (the "Exchange").
The NSR is 2.0% with 50% (being 1.0%) buyable for $3,000,000 any time.
The transaction is subject to the approval of the Exchange.
About Stratton Resources: Stratton Resources is a junior mining exploration company focused on delivering shareholder value through project acquisition and development. The Company's management team is highly experienced with an impressive track record of success in the discovery, development, financing and monetizing of mining assets for shareholders.
On Behalf of the Board
Shawn Wallace, President, Interim CEO and Director
Forward Looking Information
This release includes certain statements that may be deemed "forward-looking statements". Forward-looking information is information that includes implied future performance and/or forecast information including information relating to, or associated with, exploration and or development of mineral properties. These statements or graphical information involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements of the Company to be materially different (either positively or negatively) from any future results, performance or achievements expressed or implied by such forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact
Investor Relations:
778.729.0600
info@strattonresources.com