McLaren Renews TimGinn Property Option Agreement, Central Timmins, Ontario
Toronto, Ontario--(Newsfile Corp. - December 7, 2016) - McLaren Resources Inc. (CSE: MCL) (FSE: 3ML) ("McLaren" / the "Company") announces that the Company has signed an agreement with Timginn Exploration Limited to renew the TimGinn Property option agreement for a term of five years with an effective start date of January 1, 2017. McLaren can earn a 50 percent interest in the TimGinn property by spending $1.4 million over five years.
The TimGinn Property consists of 9 mining claims covering an area of 238 hectares (588 acres) in Tisdale Township in Central Timmins. The property is located to the north and adjacent to the Hollinger Mine property.
The agreement terms are as follows, on January 1, 2017 a payment of $5,000 cash plus $15,000 payable by way of common shares. In Year 1 make expenditure of $200,000 on property exploration by December 31, 2017. To continue to maintain to property option McLaren must spend $300,000 on property exploration in Year 2, Year 3, Year 4 and Year 5 of the agreement.
Contact information:
McLaren Resources Inc.
65 Queen Street West, Suite 520
Toronto, Ontario M5H 2M5
Tel: 416 903 7928
The CSE has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. The CSE does not accept responsibility for the adequacy or accuracy of this release.
Completion of the transaction is subject to a number of conditions including but not limited to CSE acceptance and shareholder approval. The transaction cannot close until all such approvals have been obtained and the other necessary conditions of closing are fulfilled or waived by the parties entitled to do so. There can be no assurance that the transaction can be completed as proposed or at all.
Investors are cautioned that except as disclosed in the management information circular to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of McLaren should be considered highly speculative.
FORWARD-LOOKING INFORMATION: Certain information set forth in this new release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including but not limited to, the impact of general economic conditions, industry conditions, dependence upon regulatory and shareholder approvals and the uncertainty of obtaining additional financing. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any obligations to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities laws.