VANCOUVER, British Columbia, Sept. 13, 2018 (GLOBE NEWSWIRE) -- Declan Cobalt Inc. ("Declan" or the "Company") (CSE: LAN) announces that it has entered into a mineral purchase agreement (the “Agreement”) with Pacific Cascade Minerals Inc. (“PCV”), whereby PCV will purchase a 100% interest in the Turner Lake Project (the “Property”) located in Nunavut.
Under the terms of the Agreement the PCV agrees to purchase a 100% right title and interest in the property in exchange for 1 million common shares of PCV to be delivered to the Company within 10 days after PCV receives regulatory approval for the transaction. The Company will also be reimbursed $46,720 by PCV representing prior cash expenditures incurred on the Property. Upon commencement of commercial production, PCV shall pay a royalty to the Company equal to 1% of net smelter returns which may be purchased for the sum of $1,000,000 at any time after commercial production.
The Property consists of 2 claims, T1 K90329 and M1 K90330 totaling 1925 hectares, near Bathurst Inlet in the Kitikmeot District of Western Nunavut, approximately 560 km NE of Yellowknife NWT.
For additional information please contact:
Declan Cobalt Inc.
Wayne Tisdale, President and CEO
T: (604) 639-4455