VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/20/13 -- Gunpoint Exploration Ltd. ("Gunpoint" or the "Company") (TSX VENTURE: GUN) is pleased to announce that it has closed its previously announced purchase of Hunt Exploracion S.A. ("Hunt") from Chesapeake GoldCorp (TSX VENTURE: CKG). Hunt has an option to acquire a 100% interest in the El Escorpion silver project ("Escorpion") located in eastern Guatemala. The Escorpion project is a 900 hectare concession situated 7 kilometres southwest and along the trend of Tahoe Resources Inc's Escobal deposit.
Dr. E. Max Baker commented, "Being on the doorstep of Tahoe's Escobal deposit, an advanced stage silver deposit with estimated production of 20 million ounces of silver per year for over ten years, the Escorpion project represents a tremendous exploration opportunity for Gunpoint as it has three untested zones of outcropping epithermal silver mineralization ready for drill testing. The Escorpion project provides Gunpoint exposure to a new potential discovery in one of the most prolific exploration districts for silver globally."
In connection with closing of this transaction, Gunpoint issued a total of 500,000 units ("Unit") of the Company at a deemed price of $0.75 per Unit for all legal and beneficial interest in the shares in the capital of Hunt. Each Unit consists of one common share in the capital of the Company and one share purchase warrant ("Warrant"). Each whole Warrant is exercisable for a period of 5 years from the date of closing to purchase an additional common share at a price of $1.50. The purchase is subject to an additional allotment option of up to an additional 1,000,000 common shares in the event a NI 43-101 measured and indicated resource estimate of 1.0 million gold equivalent ounces is achieved on the Escorpion property.
GUNPOINT EXPLORATION LTD.
E. Max Baker, President
Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS
Some of the statements contained in this press release are forward looking statements. Although Gunpoint believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Gunpoint can give no assurance that they will prove to be correct. Forward looking statements address future events and conditions, and as such they involve inherent risks and uncertainties. The Company does not intend to, and does not assume any obligation to update such forward- looking statements or information, other than as required by applicable law.
Gunpoint Exploration Ltd.
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