Jaxon Signs Letter of Intent
VANCOUVER, BC / ACCESSWIRE / August 31, 2015 / Jaxon Minerals Ltd. (TSXV: JAX) (the “Company”) has signed a Letter of Intent with DeCoors Mining Corp.
The company is entering into an option agreement through a letter of intent on the Hot Bath mining project located in British Columbia between the communities of Dease Lake and Iskut, B.C. The project is comprised of up to 11 mineral claims covering a total area of about 3634.4 hectares 100%,owned by DeCoors mining Corp. Jaxon may earn a 75 % interest in the property upon completion of the option agreement.
The terms of the Letter of Intent lays out the planned business transaction where Jaxon Minerals Inc. during a three year period shall issue 6,750,000 common shares and incur $1,700,000 exploration expenditures to earn a 75% interest in the mineral claims.
The proposed Option Agreement schedule for completion includes:
1. Issue 3,000,000 common shares to DeCoors Mining Corp upon Exchange approval.
2. Issue 3,000,000 common shares to DeCoors Mining Corp. and incur $700,000 of exploration expenditures on the property before year end 2016.
3. Issue 750,000 common shares to DeCoors Mining Corp. and incur $1,000,000 in exploration expenditures on the Hot Bath property on or before the end of 2017.
4. DeCoors Mining Corp.retains a 2% Net Smelter Return (“NSR”) on the Hot Bath property mineral claims. Jaxon Minerals Inc. will have the option at any time to acquire 1 % of the NSR for a cash payment of $1,000,000.
The Hot Bath copper-gold exploration project is located in Northern British Columbia, approximately 200 km north of Stewart and 35 km southeast of Dease Lake. The property is comprised of 11 contiguous mineral claims totaling about 3,634.4 hectares. Highway 37 (commonly referred to as the “Stewart-Cassiar” Highway) provides the closest maintained road 15 km west of the property.
The Hot Bath property hosts mineral occurrences and is located in an emerging new active exploration district in the Stikine Arch where Kaizen Discovery Inc. in an earn in agreement with Freeport-McMoRan of Canada Limited are actively exploring the Tanzilla buried porphyry system 15 km to the north while Teck Resources holds mineral claims 4 km to the east as does the Hunter Dickinson Group to the North and West.
A portion of the high priority altered and mineralized area of the Hot Bath property has recently been sampled (700 soil samples) during a geochemical exploration MMI soil survey with results expected shortly. A geophysical IP survey will commence shortly and is expected to have completed results by the end of October, 2015.
ON BEHALF OF THE BOARD OF DIRECTORS
JAXON MINERALS INC.
For further information regarding Jaxon Minerals Inc., please contact
Leif Smither at 604-608-0400
Toll Free: 1-877-608-0007 or visit our website at www.Jaxonminerals.com.
This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release may include, but is not limited to, the Company’s objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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.
SOURCE: Jaxon Minerals Ltd.