|By Marketwired .||
|August 26, 2014 06:51 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/26/14 -- AsiaBaseMetals Inc. ("AsiaBaseMetals" or the "Company") (TSX VENTURE: ABZ) is pleased to announce that it has entered into an option agreement to acquire a 100% interest in the Jean Iron Ore Project from Great Lakes Resources Ltd. ("Great Lakes"). The transaction is subject to TSX Venture Exchange approval.
The Jean Property (the "Project") is an iron ore exploration property located in the Thunder Bay Mining District of Northwestern Ontario, Canada. The Project is comprised of 17 claims totaling 1,824 hectares and is located approximately 65 kilometres to the southwest of Thunder Bay, approximately 2 kilometres north of the Whitefish Lake on Highway 588.
Jean Property Option Terms
AsiaBaseMetals may earn a 100% interest in the Project by:
a. issuing to Great Lakes a total of 1,600,000 common shares of AsiaBaseMetals as follows: i. 50,000 shares within two business days of TSX Venture Exchange acceptance; 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 $100,000 on 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 $300,000 as follows: i. $100,000 on or before the later of: (A) th e Technical Report Date; and (B) March 31, 2017; ii. $100,000 on or before the Drilling Date; and iii.$100,000 on or before the Resource Estimate Date; c. incurring at least $160,000 in Expenditures on the Project as follows: i. $10,000 on or before March 31, 2015; ii. $50,000 on or before September 30, 2015; and iii.$100,000 on 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. AsiaBaseMetals will be entitled to purchase 1/2 of the royalty (1%) for $2,000,000.
ABOUT ASIABASEMETALS INC.
AsiaBaseMetals Inc. is a growth company focused on the exploration and development of zinc and base metals. The Company has a project in British Columbia, Canada - the 5,429 hectare Gnome zinc project. AsiaBaseMetals is led by a highly experienced executive management team that has a successful track record of building shareholder value through exploration, corporate finance, and mine development.
For more information please visit www.asiabasemetals.com.
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.
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 TSX Venture Exchange acceptance of the option agreement will not be obtained, regulatory changes, fundraising, and risk associated with mineral exploration, including the risk that actual results of exploration will be different from those expected by management. The forward-looking statements in this news release were developed based on the expectations of management, including that Exchange acceptance for the proposed transaction will be obtained, conditions will be satisfied, required fundraising will be completed and the other risks described above will not materialize. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation.
Much of the value of DevOps comes from a (renewed) focus on measurement, sharing, and continuous feedback loops. In increasingly complex DevOps workflows and environments, and especially in larger, regulated, or more crystallized organizations, these core concepts become even more critical. In his session at @DevOpsSummit at 18th Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, showed how, by focusing on 'metrics that matter,' you can provide objective, transparent, and meaningful f...
Sep. 26, 2016 11:45 AM EDT Reads: 2,345
Sep. 26, 2016 11:30 AM EDT Reads: 985
Sep. 26, 2016 11:30 AM EDT Reads: 2,549
Sep. 26, 2016 11:30 AM EDT Reads: 1,962
Sep. 26, 2016 11:30 AM EDT Reads: 2,528
Sep. 26, 2016 11:15 AM EDT Reads: 2,859
Sep. 26, 2016 11:15 AM EDT Reads: 1,728
Sep. 26, 2016 11:06 AM EDT
Sep. 26, 2016 11:00 AM EDT Reads: 985
Sep. 26, 2016 11:00 AM EDT Reads: 3,716
Sep. 26, 2016 10:45 AM EDT Reads: 2,595
Sep. 26, 2016 10:45 AM EDT Reads: 3,405
Creating replica copies to tolerate a certain number of failures is easy, but very expensive at cloud-scale. Conventional RAID has lower overhead, but it is limited in the number of failures it can tolerate. And the management is like herding cats (overseeing capacity, rebuilds, migrations, and degraded performance). Download Slide Deck: ▸ Here In his general session at 18th Cloud Expo, Scott Cleland, Senior Director of Product Marketing for the HGST Cloud Infrastructure Business Unit, discusse...
Sep. 26, 2016 10:45 AM EDT Reads: 2,226
Sep. 26, 2016 10:45 AM EDT Reads: 3,221
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Sep. 26, 2016 10:30 AM EDT Reads: 890