Stuhini Exploration Ltd. Provides Corporate Update on Arizona and Manitoba Mineral Claims
VANCOUVER, May 25, 2023 - Stuhini Exploration Ltd. (the "Company" or "Stuhini") (TSXV: STU) (OTCPK: STXPF) is pleased to announce that it has entered into a purchase agreement with G. Mark Lindsay (the "Purchase Agreement") for the acquisition of strategic information and access to a proprietary database regarding mineral prospects in Arizona and Manitoba ("Strategic Information").
The Strategic Information led to the Company's identification of four (4) mineral claims which it recently acquired in Arizona, USA (the "Arizona Claims"). As a result, in recognition of the Strategic Information's utility, the Company has agreed to compensate Mr. Lindsay. Under the terms of the Purchase Agreement, Mr. Lindsay received an immediate cash payment of $35,000 on signing and will receive additional cash payments on an annual basis in respect of each Arizona Claim on the anniversary of the signing date (provided the Company has not abandoned such claims prior thereto) until May 25, 2027.
The Company has also granted to Mr. Lindsay a 1% net smelter returns royalty in respect of all ores and concentrates produced from the Arizona Claims upon achieving commercial production (the "NSR Royalty"), with an option to repurchase at any time one-half of the NSR Royalty on any of the 4 Arizona Claims (reducing the NSR Royalty to 0.5% on such Arizona Claim) for consideration of $1,000,000 per Arizona Claim NSR repurchased.
In addition to the Arizona Claims, the Strategic Information from G. Mark Lindsay also led to the Company identifying one (1) mineral claim which it acquired by staking in Manitoba referred to as the South Thompson Nickel Project (see news release dated May 21, 2021). As a result, in recognition of the utility of the Strategic Information, the Company has agreed to compensate Mr. Lindsay by granting him a 1% net smelter royalty in respect of all concentrates and ores produced from the South Thompson Nickel Project, (the "Manitoba NSR Royalty"), with an option to repurchase at any time one-half of the Manitoba NSR Royalty (reducing the Manitoba NSR Royalty to 0.5% on the South Thompson Nickel Project) for a consideration of $50,000. There are no cash payments or work commitments associated with the acquisition of the South Thompson Nickel Project.
These transactions are in the ordinary course of business for the Company and management does not consider it to be a material change for the Company.
Stuhini is a mineral exploration company focused on the exploration and development of precious and base metals properties in western Canada and southwestern USA. The Company's portfolio of exploration properties includes: its flagship, the Ruby Creek Property located approximately 20 km east of Atlin, British Columbia; the Que Project located approximately 70 km north of Johnson's Crossing in the Yukon; the South Thompson Nickel Project located approximately 35 km northwest of Grand Rapids, Manitoba; the Big Ledge Property located approximately 57 km south of Revelstoke, British Columbia; and its portfolio of 4 properties in southeast Arizona.
Neither the 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 Stuhini Exploration Ltd.
David O'Brien, President & Chief Executive Officer, Stuhini Exploration Ltd., Email: firstname.lastname@example.org, Phone: (604) 835-4019