GSP RESOURCE CORP. OPTIONS 60% INTEREST IN OLIVINE MOUNTAIN PROJECT TO FULL METAL MINERALS LTD.
Vancouver, British Columbia – April 30, 2021: GSP Resource Corp. (TSX-V: GSPR) (the “Company” or “GSP”) announces that the TSX Venture Exchange has accepted a previously announced agreement (see news release date February 26, 2020) (the “Agreement”) pursuant to which Full Metal Minerals Ltd. (“Full Metal”) has been granted an option (the “Option“) to earn a 60% interest in GSP’s Olivine Mountain property in the Similkameen Mining Division, British Columbia (the “Property”).
GSP holds an option in good standing to acquire a 100% right, title and interest in and to the Property pursuant to the terms of an option agreement dated February 23, 2018 (as amended October 17, 2019 and December 24, 2019) between GSP and Platinum Belt Resources Inc. (the “Underlying Agreement”). Pursuant to the Agreement, GSP covenants to duly complete the exercise of its option pursuant to the Underlying Agreement.
Pursuant to the Option Agreement, as consideration for the acquisition of the interest in the Property, Full Metal will (i) pay to GSP an aggregate of $515,000 over the 48 month period following the acceptance of the TSXV of the Option Agreement (the “Acceptance Date“); (ii) incur expenditures in the aggregate amount of $500,000 during the 48 month period following the Acceptance Date; (iii) and issue an aggregate of 350,000 Shares during the 48 month period following the Acceptance Date. Full Metal has completed the first cash payment of $40,000 and issued 100,000 Shares to GSP pursuant to the payment schedule in the Option Agreement.
GSP will be the operator for exploration programs determined by Full Metal. A 10% operator fee will count towards the required exploration expenditures. Following the exercise of the Option, Full Metal and GSP will continue under a joint venture with Full Metal holding a 60% interest and GSP holding a 40% interest.
About GSP Resource Corp.: GSP Resource Corp. is a mineral exploration & development company focused on projects located in Southwestern British Columbia. The Company has an option to acquire a 100% interest and title to the Alwin Mine Copper-Gold-Silver Property in the Kamloops Mining Division, as well as an option to acquire 100% interest and title to the Olivine Mountain Property in the Similkameen Mining Division.
Contact Information – For more information, please contact:
Simon Dyakowski, Chief Executive Officer & Director
Tel: (604) 619-7469
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.
This news release contains “forward‐looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, future exploration work on the Property, other statements relating to the technical, financial and business prospects of the Company, its projects and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including those filed under the Company’s profile on SEDAR at www.sedar.com. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather conditions, decrease in the price of copper and gold, failure to maintain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First Nations), increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.