Vancouver, British Columbia – September 14, 2021 – Optimum Ventures Ltd. (“Optimum” or the “Company”) (TSXV:OPV), is pleased to announce that it has entered into an option agreement (the “Option Agreement”) with Teuton Resources Corp. (TSXV:TUO) (“Teuton”) pursuant to which Teuton has agreed to grant to Optimum the option to acquire an 80% interest in (the “Option”) the Harry and Outland Silver Bar properties which are located in the Skeena Mining Division approximately 30 km northwest of Stewart, B.C. (collectively, the “Harry Property”).
Subject to TSXV approval, and pursuant to the terms of the Option Agreement, the total aggregate consideration payable by the Company to Teuton for a 80% interest in the Harry Property is an aggregate of up to $1,500,000 cash over five years from September 13, 2021 (the “Effective Date”); an aggregate of up to 4,000,000 common shares of Optimum (the “Common Shares”) in installments over a five year period from the Effective Date; and incurring expenditures on the Property (or making a cash payment to the Teuton in lieu) of up to $9,000,000 in installments over five years from the Effective Date. Upon the exercise of the Option and Optimum acquiring an 80% interest to the Harry Property, the parties will
enter into a joint venture agreement for the operation of the project and Optimum will grant to Teuton a 2% Net Smelter Royalty. The Option Agreement is subject to customary closing conditions including receipt of all required regulatory and third party consents and approvals including the approval of the TSX Venture Exchange (“TSXV”). Any securities issued in connection with the Option Agreement will be subject to applicable statutory hold periods for a period of four months from the date of issuance.
Concurrent with the Company’s entry into the Option Agreement, Optimum entered into a quitclaim agreement (the “Quitclaim Agreement”) with Jayden Resources Inc. (TSXV:JDN)(“Jayden”) pursuant to which Jayden has agreed to terminate its option agreement with Teuton dated September 4, 2020 in consideration of a cash payment of $27,000 and the issuance of 750,000 common shares to Jayden. The Jayden Agreement is subject to customary closing conditions including receipt of all required regulatory and third party consents and approvals, including the approval of the TSXV.
In connection with the Option agreement and Quitclaim Agreement, the Company has entered into a Finder’s Fee Agreement with an arm’s length third party, David Velisek. Pursuant to the Finders Fee Agreement, the Company will pay a finder’s fee for the proposed transaction in shares within the maximum amount permitted by the policies of the TSXV. The proposed transactions contemplated in the Option Agreement and Quitclaim Agreement are each an arm’s length transaction in accordance with the policies of the TSXV and are not subject to the approval of the shareholders of the Company, except as required by applicable corporate law.
About the Harry Property:
The Harry Property is located north of Stewart, British Columbia, in the Skeena Mining Division. It consists of 3 contiguous claims that cover a gross area of approximately 1,333 hectares. As per the December 1, 2020 National Instrument 43-101 Technical Report on the Harry Property (available at: https://sedar.com/GetFile.do?lang=EN&docClass=24&issuerNo=00005272&issuerType=03&projectNo=03159714&docId=4867842), the majority of the Property including the Outlander claim lies along the NW portion of a geological corridor prospective for gold-silver mineralization that is up to 3 kilometers wide. It is at least 15 kilometers long extending from south of the Premier Mine, possibly in the US, north to the Scottie Gold Mine and beyond.
In 2020, a new zone of mineralization called the “Milestone” was discovered on the Harry property averaging 7.86 oz/ton gold (269.5 g/t) across a 2 metre width. The full width of this new zone has not been defined due to overburden cover (see the Jayden news release at: https://sedar.com/GetFile.do?lang=EN&docClass=8&issuerNo=00005272&issuerType=03&projectNo=03149389&docId=4852987)
Mr. Edward Kruchkowski P.Geo., a member of the Company’s Board of Directors and registered in the Provinces of British Columbia is the “Qualified Person” under National Instrument 43-101 Standards of Disclosure for Mineral Projects and is responsible for the technical contents of this news release and has approved the disclosure of the technical information contained herein.
FOR FURTHER INFORMATION PLEASE CONTACT:
Optimum Ventures Ltd.
Tel: (604) 428-6128
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. Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company’s control. Such factors include, among other things: risks and uncertainties relating to Optimum’s ability to complete the proposed Option Agreement and related Quitclaim Agreement; and other risks and uncertainties, including the Company’s plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.