|By Marketwired .||
|May 1, 2014 11:13 AM EDT||
VAL D'OR, QUEBEC -- (Marketwired) -- 05/01/14 -- Hinterland Metals Inc. (TSX VENTURE:HMI) ("Hinterland") is pleased to announce that it has entered into an option agreement at arm's length with two local prospectors (the "Vendors") whereby Hinterland may earn a 100% interest in the three-claim (5,868-hectare) Williams Brook property (the "Property") located 90 kilometres west of Bathurst, New Brunswick.
Under the terms of the agreement, Hinterland may earn a 100% interest in the Property by paying $50,000 cash and issuing 1,000,000 shares to the Vendors over a three year period. In addition Hinterland will pay the Vendors an annual cash bonus equivalent to 5% of exploration costs incurred on the Property up to a maximum of $50,000 in any given fiscal year. The Property will be subject to a 2.5% royalty interest. Hinterland will have the right to purchase 1.0% of the royalty interest for $1 million and will have a right of first refusal on the remaining 1.5%. The agreement is subject to approval by regulatory authorities in compliance with applicable securities legislation. Hinterland intends to start exploration work on the Property with geochemical sampling and geophysical surveys in May 2014 with the goal of developing drill targets for 2015.
Mark Fekete, P.Geo is the designated "qualified person" as defined in Section 1.2 in and for the purposes of National Instrument 43-101 that reviewed and approved the technical content of this release.
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. This release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in the Company's periodic reports including the annual report or in the filings made by the Company from time to time with securities regulators. The Company undertakes no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of an unanticipated event.
Shares Issued 24,894,614