Ocean Park Acquires Option on 100% of Trapper Project
09 July 2013 - 10:59PM
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July 9, 2013 - Vancouver, B.C. Ocean Park Ventures Corp. ("Ocean
Park" or the "Company") (TSX-V: OCP) is pleased to announce that it
has entered into an agreement with Constantine Metal Resources Ltd.
("Constantine") pursuant to which Ocean Park will acquire the right
to earn a 100% interest in the Trapper Gold Project located in
northern British Columbia. Ocean Park presently has an option to
acquire up to a 70% interest in the Trapper project, through an
option agreement entered into with Constantine on November 29,
2010.
In order to acquire the rights, upon completion of a
consolidation of its common shares on a 10 for 1 basis, Ocean Park
must issue common shares to Constantine equivalent to 15% of the
outstanding common shares of Ocean Park at the time of issuance,
and make the following additional post-consolidation share
issuances to Constantine:
-
-.1,000,000 shares upon completion of a NI 43-101 compliant
resource estimate on the property, indicating not less than
1,000,000 oz. of gold equivalent; and
In order to acquire the property, Ocean Park must also make a
$50,000 cash payment to the underlying property holder, as well as
reimburse Constantine for the cost of a share issuance to the
holder.
Upon acquisition of the property, Ocean Park will grant a 0.5%
net smelter royalty ("NSR") on commercial production from the
property to Constantine. Constantine will also have the right to
acquire an additional 0.5% NSR by paying $250,000 to Ocean Park,
and a right of first refusal to acquire a 1.5% NSR in the event
Ocean Park acquires such a royalty from the underlying property
holder.
The Trapper project consists of a drill confirmed
porphyry-related gold-bearing polymetallic stockwork system
including visible gold mineralization and an at-surface undrilled
copper porphyry target discovered by Ocean Park in 2011. Active
neighbours include Brixton Metals Corp. (TSX-V: BBB), contiguous
with the Trapper claims, who are actively drilling the Oban
polymetallic breccia target with recent drill results of 310 metres
of 4.03 g/t gold equivalent.
Ocean Park also announces that it will complete a consolidation
of its share capital on the basis of 10 pre-consolidation shares
for every 1 post-consolidation share, as approved by shareholders
at the Company's AGM held on March 11, 2013. Concurrently with the
consolidation, Ocean Park will change its name to "Dunnedin
Ventures Inc." and will settle certain outstanding indebtedness
totaling $100,000 through the issuance of 200,000
post-consolidation common shares.
The issuance of shares to Constantine, completion of the debt
settlement, consolidation and name change, remain subject to the
approval of the TSX Venture Exchange. All share issuances will be
subject to a four month hold period, in accordance with applicable
securities laws and the policies of the Exchange.
For more information please contact Mr. Chris Taylor, M.Sc.
P.Geo, CEO at 604-681-0084.
OCEAN PARK VENTURES CORP.
On behalf of the Board
"Chris Taylor"
Chris Taylor, CEO
Neither 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 new release may contain forward-looking statements. These
statements are based on current expectations and assumptions that
are subject to risks and uncertainties. Actual results could differ
materially because of factors discussed in the management
discussion and analysis section of our interim and most recent
annual financial statement or other reports and filings with the
TSX Venture Exchange and applicable Canadian securities
regulations. We do not assume any obligation to update any
forward-looking statements.
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