Genesis Metals Expands Land Position at Chevrier
September 11, 2017
Vancouver, British Columbia – Genesis Metals Corp. (TSX-V:GIS) (“Genesis” or the “Company”) is pleased to announce that it has entered into a binding purchase and sale agreement (the “Purchase Agreement”) to acquire a 100% interest in 111 claims (the “Property”) from Doctors Investment Group Ltd (“Doctors”). The Property is comprised of 4 groups of claims that are contiguous with the western and eastern boundaries of the northern half of the Company’s Chevrier Project near Chibougamau, Quebec.
The Property represents an area of 2400 ha (24 square km2). Subject to regulatory approval, Genesis will acquire an undivided 100% interest in the Property by:
- making a cash payment to Doctors of C$25,000,
- issuing 1,500,000 common shares of Genesis to Doctors and;
- granting a 1% net smelter royalty to Doctors, which royalty may be decreased to 0.5% at any time by paying Doctors the sum of C$750,000 on the third business day following receipt of TSX Venture Exchange approval.
Genesis Metals has granted stock options to consultants to purchase a total of 150,000 common shares of the company at an exercise price of 22 cents per share for a five-year term expiring September 11, 2022.
About Genesis Metals
The Company is focused on advancing the Chevrier Gold Project located 35 km southwest of Chibougamau, Quebec. The Project is located along the Fancamp Deformation Zone, 15 km northeast of the high-grade Monster Lake gold discovery and 15 km northwest of the past producing Joe Mann gold mine.
Genesis also owns 100% the 203 km2 October Gold project located in the southern Swayze greenstone belt in Benton Township, Ontario. This project is located 35 km northwest of IAMGold and Sumitomo Mining’s Cote Lake deposit and 50km southeast of Goldcorp’s Borden gold deposit.
ON BEHALF OF THE BOARD
CEO and Director
President and Director
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.
Certain disclosure in this release, including statements regarding the intended use of proceeds from the private placement, constitute forward-looking information or statements (collectively, "forward-looking statements") for the purpose of applicable securities laws. In making the forward-looking statements, the Company has applied certain factors and assumptions that are based on the Company's current beliefs as well as assumptions made by and information currently available to the Company, including that the Company is able to obtain any government or other regulatory approvals required to complete the Company's planned exploration and development activities, that the Company is able to procure personnel, equipment and supplies required for its exploration and development activities in sufficient quantities and on a timely basis and that actual results of exploration activities are consistent with management's expectations. Although the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such risk factors include, among others, that the Company will be unable to obtain required regulatory approvals on a timely basis or at all, that actual results of the Company's exploration activities will be different than those expected by management and that the Company will be unable to obtain or will experience delays in obtaining any required government approvals or be unable to procure required equipment and supplies in sufficient quantities and on a timely basis. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.