Vancouver, B.C. March 4th, 2019. New Tech Minerals Corp ( the “Company” or “ New Tech” ), is pleased to announce that it has entered into a Letter of Intent (“LOI”) with Explorex Resources Inc.(CSE:EX) which contemplates assigning its Option to Purchase the Buena Vista Hills Cobalt Project, Nevada (“BVH”) to Explorex.
New Tech wills assign its right to acquire a 100% interest in the BVH project for $10,000 USD and 400,000 shares of Explorex pursuant to the execution of a Definitive Agreement. Explorex will assume all of New Tech’s underlying commitments to the Mining Lease and Option to Purchase Agreement entered into with Zephyr Minerals Inc. on May 15th, 2018.
New Tech will retain a one-time right to a 20% “Clawback”, triggered by the completion of a feasibility study in exchange for a payment of two times it’s pro rata share of exploration expenditures.
Jonathan George, New Tech’s President and CEO comments, “We are very pleased to enter into this agreement with such a competent and proactive group as Explorex. It frees up resources previously earmarked for the BVH project, which can now be allocated to our other exciting projects. It also allows us the right to back-in for 20% should a significant discovery be made”.
About New Tech Minerals Corp.
New Tech Minerals is engaged in the exploration and development of promising cobalt, vanadium, lithium and potash projects in America, including the Buena Vista and Tule cobalt projects in Nevada, the Fredericktown cobalt project in Missouri, and the Green River potash, lithium, bromine project in the Paradox Basin, Utah.
On behalf of the Board of Directors
Jonathan George, CEO
Neither the OTCQX nor the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this press release other than purely historical information, including statements relating to the Company’s future plans and objectives or expected results, are "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and Canadian securities laws. Forward Looking Statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company’s business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the Forward Looking Statements.
Key assumptions upon which the Company’s forward-looking statements and information are based include: the price of potash will rise and not fall significantly; the Company’s ability to secure new financing to continue its exploration and development activities; there being no significant changes in the ability of the Company to comply with environmental, safety and other regulatory requirements; the Company’s ability to obtain regulatory approvals in a timely manner; and the Company’s ability to achieve its growth strategy. These assumptions should be considered carefully by readers. Readers are further cautioned that the foregoing list of assumptions is not exhaustive. Although the Company believes that the assumptions on which the forward-looking statements or information are made are reasonable, based on the information available to the Company on the date such statements were made, no assurances can be given as to whether these assumptions will prove to be correct.