Vancouver, March 1, 2018 – 92 Resources Corp. (the “Company”) (TSX.V: NTY) (OTCQB: RGDCF) (FSE: R9G2) announces that it has signed a definitive option agreement with Far Resources Ltd (CSE: FAT) (FSE:F0R) (OTC:FRRSF) (www.farresources.com) (“Far Resources”) whereas Far Resources may acquire up to a 90% undivided interest in our Hidden Lake Lithium Property, Northwest Territories (the “Hidden Lake Project”).
The Company has received the initial option payments of $50,000 cash and 555,555 Far Resources common shares. Far Resources must incur $500,000 in exploration expenditures on or before February 28, 2019 to earn an initial 60% undivided interest in the Hidden Lake Project. Thereafter, Far Resources shall be entitled to earn up to an additional 30% interest (90% in total) in the Hidden Lake Project by issuing a further $950,000 in common shares to the Company and incurring an additional $1,800,000 in exploration expenditures over the ensuring three-year period.
Adrian Lamoureux, CEO of 92 Resources, said: “We believe that this partnership with Far Resources gives us the best chance of proving up the Hidden Lake project quickly, while giving the Company the opportunity to concentrate its time and development funds on other promising properties. If the Hidden Lake Project proves up as well as we hope, and Far Resources exercises its options, we will be a big part of that success through our remaining interest in the project and our share position in Far Resources.”
The transaction with Far Resources is subject to TSX Venture Exchange approval.
About 92 Resources Corp.
92 Resources Corp is a modern energy solution company, focused on acquiring and advancing strategic and prospective modern energy related projects. The Company currently holds six properties in Canada, with three principal assets: the Hidden Lake Lithium Property, NWT, the Corvette Lithium Property, QC, and the Golden Frac Sand Property, BC.
The Hidden Lake Lithium Property is strategically located within the heart of the Yellowknife Pegmatite District. The Property is easily road accessible and its proximity to infrastructure provides for numerous development advantages.
The Corvette Property consists of 76 claims, totalling 3,891 hectares, situated within the Guyer greenstone belt, which is also a favourable geological environment for gold occurrences.
The Golden Frac Sand Property covers more than a 4 km length of the Mount Wilson Formation, which consists of high purity, white, quartzite and friable sandstones. It’s strategic location in western Canada and proximity to infrastructure, provides competitive access to the oil and gas markets where high-quality frac sand is an essentially input. The adjacent Moberly Silica Sand Mine, owned and operated by Heemskirk Canada Ltd., produces a number of high-purity products and as of February 2017, became subject to a takeover bid by Northern Silica Corporation valued at $42.3 million AUD.
On Behalf of the Board of Directors,
Adrian Lamoureux, President & CEO