VANCOUVER, BC, May 25, 2023
/CNW/ - Stuhini Exploration Ltd. (the "Company" or
"Stuhini") (TSXV: STU) (OTCPK: STXPF) is pleased to announce
that it has entered into a purchase agreement with G. Mark Lindsay (the "Purchase Agreement")
for the acquisition of strategic information and access to a
proprietary database regarding mineral prospects in Arizona and Manitoba ("Strategic
Information").
The Strategic Information led to the Company's identification of
four (4) mineral claims which it recently acquired in Arizona, USA (the "Arizona Claims").
As a result, in recognition of the Strategic Information's
utility, the Company has agreed to compensate Mr. Lindsay.
Under the terms of the Purchase Agreement, Mr. Lindsay received an
immediate cash payment of $35,000 on
signing and will receive additional cash payments on an annual
basis in respect of each Arizona Claim on the anniversary of the
signing date (provided the Company has not abandoned such claims
prior thereto) until May 25,
2027.
The Company has also granted to Mr. Lindsay a 1% net smelter
returns royalty in respect of all ores and concentrates produced
from the Arizona Claims upon achieving commercial production (the
"NSR Royalty"), with an option to repurchase at any time
one-half of the NSR Royalty on any of the 4 Arizona Claims
(reducing the NSR Royalty to 0.5% on such Arizona Claim) for
consideration of $1,000,000 per
Arizona Claim NSR repurchased.
In addition to the Arizona Claims, the Strategic Information
from G. Mark Lindsay also led to the
Company identifying one (1) mineral claim which it acquired by
staking in Manitoba referred to as
the South Thompson Nickel Project (see news release dated
May 21, 2021). As a result, in
recognition of the utility of the Strategic Information, the
Company has agreed to compensate Mr. Lindsay by granting him a 1%
net smelter royalty in respect of all concentrates and ores
produced from the South Thompson Nickel Project, (the "Manitoba
NSR Royalty"), with an option to repurchase at any time
one-half of the Manitoba NSR Royalty (reducing the Manitoba NSR
Royalty to 0.5% on the South Thompson Nickel Project) for a
consideration of $50,000. There are
no cash payments or work commitments associated with the
acquisition of the South Thompson Nickel Project.
These transactions are in the ordinary course of business for
the Company and management does not consider it to be a material
change for the Company.
About Stuhini Exploration
Ltd.
Stuhini is a mineral exploration company focused on the
exploration and development of precious and base metals properties
in western Canada and southwestern
USA. The Company's portfolio of
exploration properties includes: its flagship, the Ruby Creek
Property located approximately 20 km east of Atlin, British Columbia; the Que Project
located approximately 70 km north of Johnson's Crossing in the
Yukon; the South Thompson Nickel
Project located approximately 35 km northwest of Grand Rapids, Manitoba; the Big Ledge Property
located approximately 57 km south of Revelstoke, British Columbia; and its
portfolio of 4 properties in southeast Arizona.
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.
Web: www.stuhini.com
SOURCE Stuhini Exploration Ltd.
