January 11, 2016
Vancouver, British Columbia
We are pleased to advised that Metal Mountain Resources Inc ("MMR"),
Gavin Mines Inc ( "GMI"), Grace Mining Inc. ("Grace") and two other
shareholders ("Other") of GMI have collectively re-negotiated the January
29, 2015 Agreement and various other Agreements and Amending
Agreements among the Vendors (MMR, Grace and Other) and the
Purchaser Dome Mountain Resources of Canada Inc ("DMRC") regarding
the purchase of GMI shares.
The new Agreement, dated November 27, 2015, is subject to positive
results from an exploration drill program to be conducted by GMI in January
and February 2016; and receipt of amended Mines Act and Environmental
Management Act permits to operate the mine, mill and tailings storage
facility. The Agreement provides that GMI have, on or before May 31, 2016,
the amended permits in hand and sufficient mineral resources in any
category, confirmed by a Qualified Person as defined in NI43-101, to
sustain a seven (7) year operating mine life at a rate of 250 tonnes per day.
The minimum payment payable to MMR for meeting the above
requirements would be $44,730,000.
Further, should additional resources on the Dome Mine be increased to a
10 year operating life at 250 tonnes per day, the payment payable to MMR
would be $47,250,000.
Additionally, every year of operating life at 250 tonnes per day thereafter up
to 15 years of operating life, the payment payable to MMR would be
$630,000 per year.
Under the terms of the Agreement, DMRC must pay all Vendors the
applicable payments on or before June 30th, 2016. The total minimum
purchase payment to MMR would be $44,730,000 and the maximum
purchase payment would be $50,400,000.
For further information please contact:
VP of Communications
FORWARD LOOKING STATEMENTS:
The information contained in this website is provided solely for the reader's general knowledge. The information is not intended to be a comprehensive review of all matters and developments concerning Metal Mountain Resources Inc. All information is offered on a "best intentions" basis. No securities commission or other regulatory authority in Canada or any other country or jurisdiction has in any way passed upon this information and no representation or warranty is made by the Company to that effect.
This website includes "forward looking statements". Other than statements of historical fact, all statements included in this document, including without limitation, statements regarding exploration results, future plans and objectives of the Company may be forward looking statements. These statements may reflect management's current beliefs and are based on information currently available to management. Forward looking statements involve significant risks and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward looking statements, including, but not limited to, general economic conditions, changes arising as drilling results unfold, changes in regulatory environments affecting the Company and the availability and terms of subsequent financings. Although the forward looking statements included in this document are based upon what management believes to be reasonable assumptions, there can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.