Renforth Resources (CSE:RFR) (“Renforth” or the “Company”) is pleased to announce that Chalice Gold Mines Limited (ASX – CHN / TSX – CXN) (“Chalice”) has completed their due diligence and elected to proceed with the option on Renforth’s Denain-Pershing Property, as previously announced. Pursuant to the option agreement, a $50,000 payment has been made to Renforth. Subject to the parties agreeing terms, Chalice is expected to participate in Renforth’s next financing in the amount of $250,000 which is anticipated to close prior to May 31st 2018.
In order to earn an 80% interest in the Denain-Pershing Property, over a 3 year period, Chalice must make payments to Renforth totaling $200,000 and spend $1,250,000 in work on the property. Once Chalice has earned their 80% interest, an 80/20 joint venture will be formed between Chalice and Renforth.
For further information please contact:
Renforth Resources Inc.
Nicole Brewster
President and Chief Executive Officer
C:416-818-1393
E: nicole@renforthresources.com
#200 – 65 Front St. E, Toronto, ON M5E 1B5
No securities regulatory authority has approved or disapproved of the contents of this news release.
Forward Looking Statements
This news release contains forward-looking statements and information under applicable securities laws. All statements, other than statements of historical fact, are forward looking. Forward-looking statements are frequently identified by such words as ‘may’, ‘will’, ‘plan’, ‘expect’, ‘believe’, ‘anticipate’, ‘estimate’, ‘intend’ and similar words referring to future events and results. Such statements and information are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the risks of obtaining necessary approvals, licenses and permits and the availability of financing, as described in more detail in the Company’s securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and the reader is cautioned against placing undue reliance thereon. Forward-looking information speaks only as of the date on which it is provided and the Company assumes no obligation to revise or update these forward-looking statements except as required by applicable law.
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