Vancouver, B.C., February 16, 2015 ‑ Harvest Gold Corporation (TSX.V: HVG) ("Harvest Gold" or the "Company") is pleased to announce that it has signed a letter with VMS Ventures Inc. ("VMS") to confirm their mutual intentions with respect to the sale by Harvest Gold of all of its right, title and interest, as successor in interest to Rare Earth Metals Corp. ("REM") in and to the joint venture agreement (the "JV Agreement") dated March 1, 2002 between REM and International Curator Resources Ltd. (now NGEx Resources Inc.) ("NGEx") being an undivided 40% interest in the JV Agreement (the "40% Interest").
In consideration of the 40% Interest, subject to the approval of the TSX Venture Exchange (the "Exchange"), (a) VMS will pay $140,500, upon Exchange approval, payable as to $90,350 by the forgiveness by VMS of such amount of debt otherwise due and owing to it by Harvest Gold and as to $50,150 in cash; (b) the issuance of 100,000 common shares of VMS upon the earliest to occur of the completion by VMS of a Preliminary Economic Assessment, Pre-Feasibility Study or a Feasibility Study (as those terms are defined in NI 43-101 or in the C.I.M. Definition Standards) on all or a portion of the mineral claims that are the subject of the JV Agreement; and (c) the issuance of a further 100,000 common shares of VMS upon the commencement of commercial production from all or a portion of the mineral claims that are the subject of the JV Agreement. The issuance of the securities are subject to a four-month hold period as required under applicable securities laws.
On behalf of the Board of Directors,
Rick Mark,
President and CEO
Harvest Gold Corporation
For more information please contact:
Rick Mark or Jan Urata, Corporate Secretary
@ 604.682.2928 or [email protected]
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.