MONTREAL, Dec. 13, 2017 (GLOBE NEWSWIRE) -- EXPLORATION KHALKOS INC. (the “Corporation” or “Khalkos”) (TSX VENTURE:KAS) is pleased to announce the signature of a binding option and farm-in term sheet to sell 70% interest in the Forsan Gold Project (“the Project”) to Chalice Gold Mines Limited (ASX:CHN)(CXN.TO) (“Chalice”).
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/41acc999-a238-4450-a03f-8977561ceece
Terms of the option
According to the agreement, Chalice can earn a 70% interest in the Project by making total option payments of C$375,000 to Khalkos and funding exploration expenditures of C$1.75 million over a period of five years. Upon meeting these requirements and exercising the option, Chalice shall then grant a 1% Net Smelter Royalty to Khalkos on the claims on the basis that all royalties (including pre-existing royalties) do not exceed 3%. Chalice maintains a pre-emptive right over the Khalkos royalty. Chalice has the right to withdraw without earning an interest in the Project at any time.
The Forsan Gold Project
The Forsan property is located 45 km east of the town of Val d’Or, Quebec, Canada and 6 km north east of the former Chimo Mine. The project comprises 27 claims for a total area of 12.4 km² and covers approximately 4.3 km of a major parallel east-west trending fault 3.3 km north of the Larder Lake - Cadillac fault.
The technical information in this press release has been revised and approved by Robert Gagnon, Geologist and Khalkos CEO, Qualified Person under NI 43-101.
Neither 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.
For further information please contact:
Robert Gagnon, Géo.
CEO
Phone.: (819) 825-2303
rgagnon@khalkos.com
Website : www.khalkos.com
Fax : (514) 510-7964