- TSX.V: ASQ $0.03
- Frankfurt: 47A.F $0.01
Astorius Acquires Covette Property
Vancouver, British Columbia – March 1, 2019 - Astorius Resources Ltd. (TSX-V: ASQ, Frankfurt: 47AF) ("Astorius" or the "Company") is pleased to announce it has entered into a property option agreement with an arms-length vendor to acquire 100% interest in the Covette Property, located in the James Bay Region, in the Province of Quebec.
The Property is located approximately 190 km east of Raddison and 10 km north of the all-weather Trans-Taiga road and adjacent LG-3 transmission line. The claim area consists of 12 contiguous claims, encompassing an area of approximately 613ha (~6.13 km²).
Under the terms of the Option Agreement, the Company will acquire 100% interest and rights in the property by paying the Vendor the sum of $1,250,000 in cash, payable over 36 months of signing the agreement. A 2% Net Smelter Return (NSR) is included in the agreement payable to the Vendor. The Issuer must spend a minimum of $300,000 qualified exploration and development expenditures by 5 February 2021.
A 2% Net Smelter Return (“NSR”) shall be retained by the Vendor, of which 1% may be purchased at any time, prior to the commencement of commercial production, by the Company paying to the Vendor $1,000,000. This transaction meets the requirements for an exempt transaction under the policies of the TSX Venture Exchange and is not subject to Exchange approval.
Astorius Resources Ltd. (www.astoriusresources.com) is currently engaged in the business of mineral exploration for the purpose of acquiring and advancing mineral properties located in North and South America.
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Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements," Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, statements regarding the drilling on the Rainbow Canyon Property.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate.