Cartier Resources Inc. (″ Cartier ″ or the ″ Company ″) (TSXV: ECR; FSE:6CA) is pleased to announce the execution of an agreement (the ″ Agreement ″) with Exploits Discovery Corp. (CSE: NFLD) (″ Exploits ″) to option 100% of its interests in three groups of exclusive exploration rights, located in the Province of Québec, commonly referred to as: (a) the ″Wilson project″ located in Lebel-sur-Quévillon (the ″ Wilson Property ″); (b) the ″Fenton project″ located in Chapais (the ″ Fenton Property ″); and (c) the ″Benoist project″ located in Miquelon (the ″ Benoist Property ″), together the ″ Properties ″.
During the four-year option period, Exploits shall have the sole and exclusive right and option to earn a 100% interest (the ″ Option ″) by paying Cartier an amount aggregating $1,750,000 in cash, issuing Cartier an aggregate of 9,250,000 common shares of Exploits and incurring not less than $12,250,000 in expenditures on the properties. The Agreement is conditional on Exploits obtaining all necessary regulatory approvals under the policies of the Canadian Securities Exchange (CSE) in connection therewith. Within ten (10) business days of the effective date, Cartier will receive an amount of $200,000 in cash and 1,750,000 common shares of Exploits. All shares issued to Cartier under the Agreement will be subject to a statutory four (4) month hold period.
Upon due exercise of the Option in respect of any of the Properties, Cartier will retain a 2.0% net smelter returns (″NSR″) production royalty (each, a ″ Royalty ″) over the applicable Property(ies). One-half of the Royalty (1.0% NSR) will be redeemable at the election of Cartier for a cash payment of $2,000,000 and the remaining half of the Royalty (1.0% NSR) will be redeemable at the election of Cartier for a cash payment of $20,000,000.
About Cartier Resources Inc.
Cartier Resources Inc., founded in 2006, is an exploration company based in Val-d’Or. The Company’s projects are all located in Québec, which consistently ranks among the world’s top mining jurisdictions. Cartier is advancing the development of its flagship Cadillac project.
Cautionary Statement
Certain statements contained in this press release constitute forward-looking information under the provisions of Canadian securities laws including statements about the Company’s plans. Such statements are necessarily based upon a number of beliefs, assumptions, and opinions of management on the date the statements are made and are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors should change, except as required by law
For further information, contact:
Philippe Cloutier, P. Geo.
President and CEO
Telephone: 819-856-0512
philippe.cloutier@ressourcescartier.com
www.ressourcescartier.com
Neither the TSX Venture Exchange nor its regulatory services provider accepts responsibility for the adequacy or accuracy of this press release.
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