VANCOUVER, Jan. 18, 2018 /CNW/ - Blue Moon Zinc Corp. (TSXV:
MOON; US OTC: BMOOF) (the "Company") is pleased to announce
that it has agreed to buyback a 10% Net Profit Interest ("NPI") on
the Company's 100% owned Blue Moon zinc project. The NPI was
originally issued in 1987 pursuant to a transaction between Westmin
Resources Limited (now Boliden) and Colony Pacific Exploration Ltd.
(now Imperial Metals). The current NPI holder, Northern Empire
Resources Corp., has agreed to accept $20,000 cash and the issuance of 3 million common
shares of the Company in return for the buyback.
Patrick McGrath, Chief Executive
Officer, stated "The buyback of the NPI solidifies our ownership
and economic interest in the Blue Moon project. We believe the
buyback will be accretive to the project and deliver significant
value to our shareholders over the long term including our
Preliminary Economic Assessment ("PEA") expected later in Q1
2018."
The Company also granted 1,000,000 stock options to consultants,
each option being exercisable for a five-year term at a price of
$0.08 per common share. The options
are governed by the terms and conditions of the Company's stock
option plan.
About Blue Moon
The 100% owned Blue Moon polymetallic deposit has a Mineral
Resource estimate of 3.7 million indicated tons with a grade of
8.3% zinc equivalence including approximately 377 million pounds of
zinc and 4.1 million inferred tons with a grade of 7.8% zinc
equivalence including approximately 395 million pounds of zinc with
significant credits of copper, silver and gold. The resource is
open at depth and along strike and historical metallurgical testing
indicates excellent recovery and a clean zinc concentrate. A NI
43-101 report detailing the resource and summarizing metallurgical
recoveries is available on the company's website
(www.bluemoonmining.com) and filed on SEDAR on November 13, 2017. The Company plans to advance
the Blue Moon project through to feasibility, permitting and
ultimately production.
Qualified Persons
Jack McClintock, P. Eng, a
Director of the Company, is a qualified person as defined by NI
43-101, has reviewed the scientific and technical information that
forms the basis for this press release.
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. Resource estimates included in
this news release are forward-looking statements. Although the
Company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions set forth in the
relevant technical report and otherwise, such statements are not
guarantees of future performance and actual results or developments
may differ materially from those in the forward-looking statements.
Factors that could cause actual results to differ materially from
those in forward-looking statements include market prices for zinc,
the results of future exploration, uncertainties related to the
ability to obtain necessary permits, licenses and titles, changes
in government policies regarding mining, continued
availability of capital and financing, and general economic, market
or business conditions. Investors are cautioned that any such
statements are not guarantees of future performance and actual
results or developments may differ materially from those projected
in the forward-looking statements. Readers are cautioned not to
place undue reliance on this forward-looking information, which is
given as of the date it is expressed in this press release, and the
Company undertakes no obligation to update publicly or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws.
The securities referenced in this news release have not and
will not be registered under the U.S. Securities Act of 1933 and
may not be offered or sold in the United
States absent registration or an applicable exemption from
registration requirements.
SOURCE Blue Moon Zinc Corp.
