HALIFAX, Nov. 16, 2016 /CNW/ - Stockport Exploration Inc.
(TSXV: SPT) ("Stockport") announces that it has received notice
from Sovereign Gold Company Limited ("Sovereign") of Australia that they will not exercise their
option to acquire 100% of Stockport's 317 Claim Units within the
Crescent Lake Lithium Prospect in Ontario, Canada, thereby allowing Stockport to
maintain its 100% interest in the project.
Pursuant to the option agreement announced on June 22, 2016 between Stockport and Sovereign,
Sovereign made an initial payment to Stockport of $100,000 upon signing of the option agreement and
a further payment of $75,000 within
75 days of execution of the option agreement.
Jim Megann, President and CEO of
Stockport, stated "Sovereign has been a great partner to begin the
exploration of this highly prospective lithium prospect, and we
will continue to focus on finding joint venture partners to
continue the advancement of this project."
The Toronto Venture Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy of this
release.
Forward-Looking Information:
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address future
production, reserve potential, continuity of mineralization,
exploration drilling, exploitation activities and events or
developments that the Company expects are forward-looking
statements. Although the Company believes that the expectations
expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements. For more
information on the Company and the risk factors inherent in its
business, investors should review the Company's Annual Information
Form at www.sedar.com.
SOURCE Stockport Exploration Inc.