Adamera Minerals Signs Agreement to Expand Empire Creek Property
16 June 2014 - 11:10PM
Access Wire
Vancouver, BC / ACCESSWIRE / June
16, 2014 / Adamera Minerals Corp. (TSX V: ADZ)
announces the expansion of the Empire Creek property in Washington
State. The company has signed a lease agreement to
acquire 100% interest in mineral claims adjacent
to the southern boundary of the Adamera Empire Creek property where
the company is drilling.
Historical work on the
property is minimal. Five rotary reverse circulation drill holes
drilled from two sites located 180 metres apart were completed in
2003 to test a possible precious metal skarn target. One of the
five holes intersected a 17 metre zone with 1.35 g/t gold,
including 6 metres of 3 g/t gold which includes 1.5 metres of 7.5
g/t gold.
Immediate work plans for the
property include magnetic surveying and soil sampling to evaluate
the possibility for vertical mineralized structures similar to
those being tested on the northern Empire Creek
property.
Terms of the
Agreement
On signing the agreement and
subject to approval by the TSX Venture Exchange Adamera will issue
10,000 shares and pay $1,000 to the claim owners to conduct due
diligence on the property for three months. During the due
diligence period, Adamera will evaluate existing data and perform
low impact work such as geochemical sampling, mapping and or ground
geophysics to evaluate the potential for gold
mineralization.
At any time during the due
diligence period, Adamera may initiate the lease by paying an
additional $1,000 and issuing an additional 10,000 shares of
Adamera stock. Adamera may maintain the lease with the following
lease payments:
-
1)20,000 shares
of Adamera stock issued on the 2nd
and 3rd anniversary of the
agreement;
-
2)50,000 shares
of Adamera stock or $15,000 cash at the discretion of Adamera
on the 4th and
5th anniversary of the agreement
and
-
3)100,000 shares
of Adamera stock or $20,000 cash at
Adamera's sole discretion on each
anniversary thereafter until termination of the agreement or a
royalty payment in made.
Adamera shall
reserve a 2.0% net smelter royalty on any mineral products
mined from the property. The entire royalty may be purchased by
Adamera for $2,000,000. Any lease payments will be considered
advanced royalty payments and will be deducted
appropriately.
Jim Ebisch P.Geol is the
Qualified Person responsible for reviewing historical
data for the project. The historical data is from private reports
and has not been verified by the Company, however, it appears to
have been completed under standard best practices consistent with
the time and appears to be of reasonable quality
About Adamera
Adamera is
exploring for high-grade gold near an operating mill in Washington
State owned by Kinross Gold Corp. The mill is reported to be
operating at half capacity with ore shipped 70 kilometres from the
1.3 million ounce Buckhorn mine. The Buckhorn mine is a high grade,
low-cost producer with only 2 years mine life remaining. Adamera is
currently exploring five projects with high-grade gold potential
within hauling distance of the Mill.
On
behalf of the Board of Directors,
Mark Kolebaba
President & CEO
For additional information please
contact:
Heather Kays
Manager, Corporate Communications
Tel: (604) 689-2010
Fax: (604) 484-7143
Email: info@Adamera.com
Website: www.Adamera.com
The TSX Venture Exchange has not
reviewed and does not accept responsibility for the adequacy or
accuracy of this release. Statements in this press release, other
than purely historical information, including
statements relating to the Company's future plans and
objectives or expected results, may include forward-looking
statements. Forward-looking statements are based on numerous
assumptions and are subject to all of the risks and uncertainties
inherent in resource exploration and development. As a result,
actual results may vary materially from those described in the
forward-looking statements.
SOURCE: Adamera Minerals Corp.
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