TORONTO, ON / ACCESSWIRE / November 15, 2016 / Braveheart Resources Inc. (TSXV: BHT) ("Braveheart" or the "Company") is pleased to announce that it has entered into an option agreement to acquire a past producing gold property in the West Kootenay region of British Columbia, increasing the size of its land holdings in the area to over 12,000 hectares.
"The Alpine Mine property (the "Property") is located in a highly favorable geological environment and is an ideal fit for Braveheart as we continue our strategy of developing high grade gold targets," explained Chief Operating Officer Aaron Matlock "Our prospecting and geological team will be considering fresh interpretations and potential new exploration opportunities with regard to this important Property."
The 2,177-hectare Property is approximately 20 kilometers northeast of Nelson within which is the Alpine Mine, a former operating underground mine with a recorded production of approximately 16,810 tonnes between 1938 and 1948. This material contained 356,360 grams of gold, 222,044 grams of silver, 49,329 kilograms of lead and 17,167 kilograms of zinc.
The option agreement is subject to a 90-day due diligence period; the Company will be issuing additional news as it gains more information on the Property.
The terms of the agreement to purchase a 100% interest in the Property involve a combination of cash and shares totaling $3,385,000 and 1,400,000 Braveheart shares over a 6-year period ending in 2021. In addition, Braveheart commits to an expenditure of $1,600,000 in exploration on the Property over the first 3 years with a minimum of $400,000 in 2017.
About Braveheart Resources Inc.
Braveheart is a Canadian based junior exploration company focused on building shareholder wealth through aggressive exploration in a favorable and proven mining jurisdiction - the West Kootenays in southeast British Columbia (silver and gold). Braveheart's shares are listed for trading on the TSX Venture Exchange under the symbol BHT.V. Braveheart has approximately 27,614,505 common shares issued and outstanding.
Qualified Person
Braveheart's disclosure of a technical or scientific nature in this news release has been reviewed and approved by Mr. Jim Decker, P.Eng., a director of Braveheart who serves as a qualified person under the definition of National Instrument 43-101.
Contact
David W. Johnston, President and CEO
403-701-2781
davidwjohnston@shaw.ca
Caution Regarding Forward-Looking Information
This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, future work programs and objectives and expected results from such work programs. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, (more) uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information and the risks identified in the Company's continuous disclosure record. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information.
All forward-looking information contained in this news release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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 of this news release.
SOURCE: Braveheart Resources Inc.
ReleaseID: 449033
