Full Metal to Sell Interest in Unga/Popov Gold Property to Redstar Gold Corp.
February 19, 2014 (Source: Marketwired) — Full Metal Minerals Ltd. (TSX VENTURE:FMM) (“Full Metal”) is pleased to announce that it has signed a letter agreement to sell its interest in the Unga/Popov Gold Property to Redstar Gold Corp (TSX VENTURE:RGC) (“Redstar”). Redstar currently holds an option to acquire a 60% interest in the property from Full Metal (see the Full Metal news release dated June 13, 2011). Full Metal has an Exploration Agreement with Option to Lease with the Aleut Corporation, an Alaska Native-owned Regional Corporation.
Under the terms of the letter agreement, Redstar will issue 4,000,000 shares and pay $50,000 to Full Metal. Closing of the transaction is subject to conditions including receipt of TSX Venture Exchange approval, the completion of a definitive agreement and signing Surface Access Agreements for the Unga Property.
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“Enabling Redstar to proceed with exploration with a 100% interest on the Unga/Popov Property is in the best interest of both Companies,” said Robert McLeod, CEO and Vice-President of Exploration for Full Metal. “Full Metal will continue to be exposed to exploration upside in the Property through our shareholding, and the transaction will allow us to concentrate on the nearby Pyramid copper-gold-molybdenum Deposit.”
Full Metal is a generative exploration company focusing on precious and base metal projects in Alaska.
ON BEHALF OF THE BOARD OF DIRECTORS
Robert McLeod, CEO and VP Exploration
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements: Certain disclosure in this release regarding the sale by Full Metal of an interest in the Unga/Popov Gold Property may constitute “forward-looking statements” within the meaning of Canadian securities legislation. In making such forward-looking statements, Full Metal has applied certain factors and assumptions that the Company believes are reasonable, including that regulatory approval of the proposed transaction and required consents and agreements will be obtained and that the other conditions to completion of the transaction will be satisfied. However, 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 uncertainties and risks include, among others, delays in obtaining or inability to obtain required regulatory approvals and inability to satisfy the other conditions to closing. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. 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.
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