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Venerable Ventures Ltd. Increases the Size of the Trout Property and Extends the Final Payment Required Under the Original Option Agreement
|By Marketwired .
|May 20, 2014 11:11 AM EDT
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/20/14 -- Venerable Ventures Ltd. (TSX VENTURE:VLV) ("Venerable" or the "Company") is pleased to announce that, pursuant to an amendment agreement (the "Amendment") dated May 15, 2014 with Robert Carmichael and Landmark Geological Inc. (the "Optionors"), it has increased the size of its Trout Property (the "Property") located in the Nechako Plateau, near Vanderhoof, British Columbia and extended the terms of the option agreement (the "Option Agreement") dated April 26, 2011 with the Optionors, whereby the Company can acquire a 100% in the Property. The terms of the Option Agreement were disclosed in the Company's News Release of May 19, 2011. Two additional claims totaling approximately 2,360 hectares have been added to the Property. The Property now comprises 24 mineral tenures with a total area of approximately 9,631 hectares.
The additional claims enclose ten new areas that contain gold and co-incident multi-element till geochemical anomalies. These areas have received little if any follow-up work and will be ground inspected in the coming weeks. Mineralization at the main Discovery Zone on the Property is a low-sulphidation gold-silver epithermal system hosted by silica-adularia altered breccias in polymictic conglomerate and rhyodacite. At the main Discovery Zone, several new drill targets remain top priority for testing.
The third anniversary payment of $180,000 and issuance of 400,000 shares of the Company, due May 23, 2014 has been extended by 18 months to November 23, 2015, along with the remaining exploration expenditures required under the Option Agreement. In consideration for the addition of the new claims and the extension of the Option Agreement, the Company will make additional payments totaling $20,000 and issue 400,000 additional shares to the Optionors. The Company will also undertake a surface exploration program prior to August 31, 2014 on the new claims with a work commitment of $20,000. The Amendment, the share issuance and the payment obligations thereunder remain subject to approval of the TSX Venture Exchange.
About the Company
Venerable Ventures Ltd. is a Canadian natural resource company engaged in the acquisition, exploration and development of mineral properties, with its primary focus on the Trout Property. The Trout Property is 65 km southwest of Vanderhoof, B.C. on the Nechako Plateau and covers an area of 9,631 hectares. The Property is approximately 40 km NNE of NewGold's Blackwater Project.
ON BEHALF OF THE BOARD OF DIRECTORS OF VENERABLE VENTURES LTD.
Ryan Sharp, President and CEO
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding Venerable's proposed option of the Property. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future including, without limitation: (1) limited operating history, (2) exploration, development and operating risks, (3) regulatory risks, (4) substantial capital requirements and liquidity, (5) competition, (6) reliance on management and dependence on key personnel, (7) fluctuating mineral prices and marketability of minerals, (8) title to properties, (9) local resident concerns, (10) no mineral reserves or mineral resources, (11) environmental risks, (12) governmental regulations and processing licenses and permits, (13) conflicts of interest of management, (14) uninsurable risks, (15) exposure to potential litigation, (16) dividends, (17) and other factors beyond the control of the Company. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements including, without limitation: (1) the failure to enter into the Amendment for any reason, (2) the Company's inability to meet its required expenditures under the Amendment and the Option Agreement, assuming such Amendment is entered into, (3) limited operating history, (4) mineral exploration, development and operating risks, (5) substantial capital requirements and liquidity, (6) competition, (7) reliance on management and dependence on key personnel, (8) fluctuating mineral prices and marketability of minerals, (9) regulatory requirements, (10) title to properties, (11) local resident concerns, (12) no mineral reserves or mineral resources, (13) environmental risks, (14) governmental regulations and processing licenses and permits, (15) potential conflicts of interest of management (16) uninsurable risks, (17) exposure to potential litigation, (18) dividends, (19) and other factors beyond the control of the Company's control. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits Venerable will obtain from them.
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 or accuracy of this release.
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