Vendome Resources announces Approval for Acquisition of the Mont Sorcier Vanadium, Iron, Titanium Deposit and the filing of its NI 43-101 Technical Report
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 11/08/16 -- VENDOME RESOURCES CORP. (the "Company") (TSX VENTURE: VDR)(FRANKFURT: 9VR), is pleased to announce that the TSX Venture Exchange has accepted the filing documentation relating to the Company's agreement to earn a 100% interest, from Chibougamau Independent Mines Inc. (TSX VENTURE: CBG) (STUT: CLL)(OTC PINK: CMAUF), in the Mont Sorcier Vanadium, Iron, Titanium Project in Roy Township, Quebec, 18 km east of the Town of Chibougamau (the "Transaction"), as previously announced on October 3, 2016. The parties have changed the terms of their agreement originally entered into on September 28, 2016 (the "Original Agreement"), as disclosed on October 3, 2016. On October 14, 2016 the parties entered into an amending agreement whereby the Company will pay Chibougamau Independent Mines a single cash payment of $150,000 (increased from $100,000 in the Original Agreement) and issue to Chibougamau Independent Mines 2,750,000 common shares of the Company (decreased from 4,000,000 common shares in the Original Agreement). A minimum of $1 million of exploration to be undertaken in the first 24 months following signature of the agreement, unchanged from the Original Agreement. Chibougamau Independent Mines will retain a 2% Gross Metal Royalty ("GMR") on all mineral production from the property, unchanged from the Original Agreement. In order to facilitate the deal, Globex Mining Enterprises Inc. (TSX: GMX)(FRANKFURT: G1M) (Tradegate), which held a 3% GMR on a number of claims, has reduced its royalty to 1% GMR but it has been extended to the recently enlarged claim group. In addition, a finder's fees of 300,000 common shares the Company (decreased from 400,000 common shares in the Original Agreement) will be issued in relation to the acquisition.
The Company will move to close the Transaction in due course and will issue the common shares to the vendors and the finder's fee common shares immediately. All securities issued by the Company in connection with the Transaction will be subject to a statutory four month hold period.
NI 43-101 Technical Report
The Company is pleased to report that Claude P. Larouche, P.Eng. (OIQ) has completed an initial National Instrument 43-101 Technical Report on the Mont Sorcier Vanadium, Iron, Titanium Project in Roy Township, Quebec. The Technical Report includes a detailed review of the exploration work completed to date, interpretations and conclusions, and recommendations for the next phases of work.
Vanadium is recognized for its potential in the "green energy" space and is considered a strategic mineral, along with other minerals such as lithium and graphite, in the rapidly growing market for battery storage technology innovation.
Highlights of the "Technical Report" completed for Vendome Resources Corp are as follows:
The complete NI 43-101 Technical Report is available on SEDAR.
The technical information contained in this news release has been reviewed and approved by Claude P. Larouche, P.Eng. (OIQ), who is a Qualified Person with respect to the Company's Mont Sorcier Vanadium, Iron, Titanium Project as defined under National Instrument 43-101.
About Vendome:
Vendome is a mineral exploration company located in Burlington, Ontario, Canada. Our primary focus is to acquire "near-term production" exploration mining projects and existing producers. Vendome Resources Corp. is managed by an experienced team of mining professionals with extensive operating and financial experience.
ON BEHALF OF THE BOARD OF DIRECTORS OF VENDOME RESOURCES CORP.
W. John Priestner, President and Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statements:
Neither 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.
This news release contains "forward-looking information" including statements with respect to the future exploration performance of the Company. This forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements of the Company, expressed or implied by such forward-looking statements. These risks, as well as others, are disclosed within the Company's filing on SEDAR, which investors are encouraged to review prior to any transaction involving the securities of the Company. Forward-looking information contained herein is provided as of the date of this news release and the Company disclaims any obligation, other than as required by law, to update any forward-looking information for any reason. There can be no assurance that forward-looking information will prove to be accurate and the reader is cautioned not to place undue reliance on such forward-looking information.
Contacts:
Vendome Resources Corp.
W. John Priestner
President and Chief Executive Officer
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Datum: 08.11.2016 - 19:58 Uhr
Sprache: Deutsch
News-ID 505675
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TORONTO, ONTARIO
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Mining & Metals
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