The Jean Property (the "Project") is an iron ore exploration property located in the
Jean Property Option Terms
a. issuing to Great Lakes a total of 1,600,000 common shares of
AsiaBaseMetalsas follows: i. 50,000 shares within two business days of TSX Venture Exchangeacceptance; ii. 50,000 shares on or before November 30, 2015; iii.500,000 shares on or before the later of: (A) the date of completion of a second NI 43-101 compliant technical report on the Project addressed to AsiaBaseMetals(the "Technical Report Date"), and (B) March 31, 2017; iv. 500,000 shares on or before the commencement of a drilling program of over $100,000on the Project (the "Drilling Date"); and v. 500,000 shares on or before the date of completion of a NI 43-101 compliant technical report on the Project containing a resource estimate of over 100,000,000 (one hundred million) tonnes (the "Resource Estimate Date"); b. making cash payments to Great Lakes totalling $300,000as follows: i. $100,000on or before the later of: (A) th e Technical Report Date; and (B) March 31, 2017; ii. $100,000on or before the Drilling Date; and iii. $100,000on or before the Resource Estimate Date; c. incurring at least $160,000in Expenditures on the Project as follows: i. $10,000on or before March 31, 2015; ii. $50,000on or before September 30, 2015; and iii. $100,000on or before September 30, 2016;
Any Expenditures incurred in excess of the requirements for any period set out above will be credited against the requirements of the next succeeding period and any shortfall in such Expenditures can be made up with a cash payment in lieu of work.
Great Lakes will retain a 2% net smelter returns royalty from commercial production of mineral products from the Project.
For more information please visit www.asiabasemetals.com.
Cautionary Note Regarding Forward-Looking Statements: This news release includes certain forward-looking statements and forward-looking information (together, "forward-looking statements"). All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the optioning of the Project by the Company. There can be no assurance that such statements will prove to be accurate and actual results and future events may vary from those anticipated in such statements. Important risk factors that could cause actual results to differ materially from the Company's plans or expectations include the risk that
FOR FURTHER INFORMATION PLEASE CONTACT:
AsiaBaseMetals Inc. Steven KhanInterim Chief Executive Officer and President (604) 628-1162 email@example.com Source: AsiaBaseMetals Inc.