TTM Resources Inc. enters into Option Agreement with Redhill Resources Corp.
Frankfurt Stock Exchange Symbol: T2U
US Clearing Symbol: TTMRF
Issued and Outstanding: 60,437,513
VANCOUVER, Dec. 14, 2012 /CNW/ - TTM Resources Inc. ("TTM" or the "Company") is pleased to announce that it has entered into a Mineral Property Option Agreement (the "Option Agreement") dated December 14, 2012 with Redhill Resources Corp. ("Redhill") whereby it has granted Redhill the option (the "Option") to acquire up to a 100% interest (subject to a 2.0% NSR granted to TTM) in three (3) mineral claims (the "Claims"). The Claims encompass a total of 1,874 hectares and are located approximately 100 kilometers southwest of Vanderhoof, British Columbia in the Nechako Plateau region. The Claims are situated adjacent to TTM's Chu Project.
Terms of the Option Agreement
In order to exercise the Option, Redhill shall:
1. Make the following cash payments to the Company:
(a) $20,000 upon the execution of the Option Agreement (the "Payment
(b) $20,000 on or before the first anniversary of the Payment Date; and
(c) $20,000 on or before the second anniversary of the Payment Date.
2. Issue and deliver to the Company:
(a) 100,000 common shares in the capital of Redhill on the dated that
the Option Agreement is approved by the TSX-V (the "Approval Date");
(b) 100,000 common shares in the capital of Redhill on or before the first anniversary of the Approval Date.
In addition, Redhill has secured the option to purchase half of the NSR by making a payment to the Company in the amount of $500,000.
Mr. W.K. Crichy Clarke, the Company's President and CEO, says: "TTM is pleased to enter into this agreement with Redhill. These claims are not deemed crucial to our plan for the tailings for the Chu and this will ensure that exploration continues in the area. We look forward to monitoring and participating in Redhill's success."
About TTM Resources Inc.
TTM Resources Inc. is a Vancouver, British Columbia based Molybdenum Development and Exploration Company focused on the resource development of the Chu Molybdenum Project and two other molybdenum properties in British Columbia, Canada.
TTM RESOURCES INC.
W.K. Crichy Clarke, President, CEO & Director
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION
This news release contains certain "forward-looking information" within the meaning of Canadian securities laws. Actual results may differ materially from those indicated by such forward-looking information. All information included herein, other than statements of historical fact, including, without limitation, information regarding future production, is considered forward-looking information and involves various risks and uncertainties. There can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. 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 TTM Resources Inc.
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.