White Pine Amends Terms of Option Agreements for Yukon Properties
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 03/05/12 -- White Pine Resources Inc. (TSX VENTURE: WPR) ("White Pine") is pleased to announce that it has reached an agreement to reinstate and amend the terms of its option agreements pursuant to which it may earn a 100% interest in each of the properties known as the Money and Tender properties (the "Yukon Properties"), located in the White Gold District, Yukon, subject to a 2% net smelter returns royalty (the "NSR") on each of the Yukon Properties.
The original terms of the agreement were announced in a press release dated February 14, 2011, and the due dates for each of the original remaining cash payments, share issuances and exploration expenditure obligations have been extended by one year. Under the terms of the amended agreement for the Money property, White Pine has made a cash payment of $25,000 and issued 150,000 common shares, both of which will be applied to the option payment due in February 2013. Under the terms of the amended agreement for the Tender property, White Pine has made a cash payment of $25,000 and issued 100,000 common shares, both of which will be applied to the option payment due in February 2013.
In the event White Pine terminates the option on the Money property on or prior to February 8, 2013, the $25,000 cash payment made under the terms of the Money property shall be credited against the cash payment payable by February 9, 2013 with respect to the Tender property, and the 150,000 common shares issued under the terms of the Money property shall be credited against the common shares issuable by February 9, 2013 with respect to the Tender property.
In the event White Pine terminates the option on the Tender property on or prior to February 8, 2013, the $25,000 cash payment made under the terms of the Tender property shall be credited against the cash payment payable by February 9, 2013 with respect to the Money property, and the 100,000 common shares issued under the terms of the Tender property shall be credited against the common shares issuable by February 9, 2013 with respect to the Money property.
About White Pine Resources Inc.
White Pine is a Canadian based mineral exploration company primarily focused on the acquisition, exploration and development of mineral deposits in Canada.
Forward Looking Statements - Certain information set forth in this news 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 White Pine, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of exploration results, currency fluctuations, dependence upon regulatory approvals, the availability of financing and exploration risk. 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.
Shares Outstanding: 33,966,533
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.
Contacts:
White Pine Resources Inc.
Robert Cudney
President and CEO
(416) 628-6626
(416) 628-5911 (FAX)
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Unternehmensinformation / Kurzprofil:
Datum: 05.03.2012 - 17:21 Uhr
Sprache: Deutsch
News-ID 121721
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contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Mining & Metals
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