|By Marketwired .||
|August 12, 2013 01:19 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 08/12/13 -- Manson Creek Resources Ltd. ('Manson Creek') (TSX VENTURE:MCK) is pleased to announce that the option of the Up Town Gold Project by Petro-Occidente Capital Corp., now named North Sur Resources Inc. (TSX VENTURE:SUR) ('SUR') has closed.
Manson Creek has received a $25,000 cash payment and 100,000 common shares of SUR. The 100,000 SUR Shares issued to Manson are subject to a four month hold period which expires December 13, 2013. Manson Creek will receive an additional 100,000 common shares of SUR on or about January 28, 2014 and again on or about January 28, 2015 provided the option remains in effect.
SUR has agreed to assume all of Manson's rights and obligations under the underlying option, including required yearly exploration expenditures (totalling up to an aggregate of $400,000 by 2016) and certain cash payments (totalling up to an aggregate of $250,000 by 2016), required to be made to the vendor, Panarc Resources, to keep the underlying option in good standing for each year that the underlying option remains in effect, other than with respect to certain share issuance, which obligations will be retained by Manson.
If SUR exercises the option to acquire the Up Town Gold property, then for a period of 60 days after such exercise Manson Creek will have a right to earn a 40% interest in the Property (the "Back-in Right") by providing notice of the exercise of such Back-in Right and paying to SUR, in cash, 40% of all cash payments made by SUR, 40% of all exploration expenses incurred by or on behalf of SUR and 40% of the fair market value on the date of issue of all the shares issued to Manson Creek.
Regan Chernish, P. Geol., President and Director
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release.
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of Manson Creek's internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of Manson Creek. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Manson Creek's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in Manson Creek's filings with the Canadian securities authorities. Accordingly, holders of Manson Creek shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. Manson Creek disclaims any responsibility to update these forward-looking statements.
Manson Creek Resources Ltd.