Tam O'Shanter property option terminated
May 1, 2014 Kettle River Resources Ltd. (KRR-V) announces the option agreement on the Tam O’Shanter property between the Company and Golden Dawn Minerals has been terminated. This option agreement was originally announced in a New Release dated November 8, 2010, and accepted by the TSX Venture Exchange on December 2, 2010.
The agreement dated Oct. 28, 2010, (amended January 23, 2013) between Golden Dawn Minerals Inc. and Kettle River Resources Ltd., pursuant to which Golden Dawn has the option to acquire a 100-per-cent interest in the Tam O'Shanter prospect subject to cash compensation of $240,000, the issuance of 1.5 million common shares, work commitments of $2 million. The agreement is subject to a 3% NSR and allows Golden Dawn to purchase up to 2% NSR for $3million.
Golden Dawn was delinquent $155,000 in cash payments, the most recent payment received was in Nov 2011 plus there was lack of consideration regarding shares to be issued considered multiple share consolidations.
ON BEHALF OF THE BOARD
President and Chief Executive Officer
For further information contact Ellen Clements1-800-856-3966
Caution Regarding Forward-Looking Statements -- This news release may contain certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include unsuccessful exploration results, changes in metal prices, changes in the availability of funding for mineral exploration and development, unanticipated changes in key management personnel and general economic conditions. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. The Company does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf.
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