April 21, 2017
Silver Predator Corp. Announces Initial Closing of Option Agreement with Montego Resources, Inc.
Toronto, Ontario, April 21, 2017: Silver Predator Corp. (TSX.V: SPD) (the “Company” or “Silver Predator”) announces that the initial closing date under the option agreement (the “Agreement”) previously announced on April 3, 2017 with Montego Resources, Inc. (CSE: MY) (“Montego”) occurred on April 20, 2017. Pursuant to the Agreement, Montego has the right to acquire from the Company certain mining claims located in White Pine County in the State of Nevada commonly referred to as the “Taylor Silver Property” (the “Property”).
As described in the Company’s April 3, 2017 press release, under the terms of the Agreement, Montego can acquire the Property in consideration for the completion of a series of cash payments totaling US$1,200,000, issuing 2,500,000 Montego common shares to Silver Predator, and incurring expenditures of at least US$700,000 on the Property. Upon completion of the payments, share issuances and expenditures, Montego will hold a one-hundred percent interest in the Property, subject to a two-percent net smelter returns royalty and a one-percent net profit royalty which will be retained by the Company.
The payments, share issuances and expenditures must be completed in accordance with the following schedule:
At Closing: US$200,000 cash and 500,000 common shares (completed April 20, 2017)
6 months from Closing: US$100,000 cash and 300,000 common shares
12 months from Closing: US$200,000 cash, 400,000 common shares and expenditures of US$100,000
24 months from Closing: US$300,000 cash, 500,000 common shares and expenditures of US$250,000
36 months from Closing: US$400,000 cash, 800,000 common shares and expenditures of US$350,000
“The initial closing of this option agreement is a welcome milestone that will help to advance the Company’s strategy of focusing on its Copper King project and seeking new exploration projects,” said Dr. John T. (“Terry”) Rickard, Chief Executive Officer of Silver Predator.
Silver Predator Corp.
Silver Predator is a mining exploration company, with properties in the western US. In addition to the Taylor Silver Project, which is under option to Montego Resources, Inc., the Company holds the Copper King project, located in the eastern portion of the famous Coeur d’ Alene Silver District near Mullan, Idaho. The exploration target combines high grade copper-silver (lead-zinc) vein style mineralization with bedded bulk tonnage style copper-silver (lead-zinc) mineralization, as typically found both locally and to the northwest in Montana at Hecla’s Spar Lake (Troy), Montanore and Rock Peak deposits. Similar vein targets are being mined 3 miles south of Copper King at Hecla’s Lucky Friday underground silver mine complex. The company also holds additional early stage exploration properties in Nevada.
Mr. Michael Maslowski, CPG, a Qualified Person as defined by National Instrument 43-101 and a consultant for the Company, has reviewed, verified and approved disclosure of the technical information contained in this news release.
For additional information:
Nathan A. Tewalt
John T. Rickard
Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
This press release contains forward-looking statements regarding future events, including the ability of the Company to successfully conclude the proposed sale of assets and to meet its future payment obligations. There are numerous risks and uncertainties that could cause actual results and Silver Predators’ plans and objectives to differ materially from those expressed in the forward-looking statements. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Silver Predator assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change.