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Skeena Completes Acquisition of GJ Copper-Gold Project

Skeena Resources Limited is pleased to announce that it has completed its previously announced acquisition of a 100% interest in the GJ property  from majority owner Teck Resources Limited and its 49% joint venture partner, NGEx Resources Inc..

The GJ Property is comprised of 80 mineral claims totaling 37,508 hectares and is located adjacent to the eastern boundary of Skeena's Spectrum Project in the Golden Triangle of northwest British Columbia.

Under the terms of a Purchase Agreement dated October 5, 2015, Skeena acquired 100% of the GJ Property, in consideration for:

  • $500,000 in cash and an aggregate of 12,947,538 Skeena common shares, with a value of $1,000,000 based on a 10- day weighted average price of $0.0772 per share as of closing;
  • $1.5 million worth of Skeena shares to be issued on or before the 2nd anniversary of the closing;
  • $1.5 million worth of Skeena shares to be issued on or before the 5th anniversary of the closing;
  • and $4.0 million cash payment on or before the date that is 45 days from commencement of commercial production from the GJ Property.

The main GJ Property claim block is subject to a 2% net smelter return royalty ("NSR") in favour of Teck and NGEx, of which 50% can be purchased for a $2 million cash payment. The northern GJ Property is subject to a 1% NSR of which 50% can be purchased for a $1 million cash payment. The GJ Property is also subject to a 1% NSR payable pursuant to a royalty agreement dated January 21, 2005, as amended, originally entered into between Canadian Gold Hunter Corp. and 650399 B.C. Ltd.

The technical information in this news release has been reviewed and approved by Michael S. Cathro, MSc, PGeo, Skeena's vice-president of operations and a qualified person as defined by National Instrument 43-101.

Source: http://www.skeenaresources.com/

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