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
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SOURCE TTM Resources Inc.