TORONTO, ONTARIO--(Marketwired - June 21, 2013) -
THIS PRESS RELEASE IS NOT FOR DISSEMINATION TO UNITED STATES NEWSWIRE SERVICES NOR FOR DISSEMINATION IN THE UNITED STATES.
CARRIE ARRAN RESOURCES INC. ("Carrie Arran" or the "Company") (TSX VENTURE:SCO) is pleased to announce that the terms of the option agreement dated November 30, 2007, as amended between the Company and Michael Leahy (the "Option Agreement") disclosed in the prospectus dated March 10, 2011 and filed on SEDAR March 14, 2011 have been amended pursuant to a letter agreement with Michael Leahy, dated May 31st, 2013.
Pursuant to the Option Agreement, Michael Leahy granted to Carrie Arran an option (the "Option") to acquire an undivided 100% interest in certain mining claims located in Ontario known as the Black Creek Property.
In exchange for the issuance of 50,000 common shares of the Company, the payment schedule was amended to provide that Carrie Arran can exercise the Option by making the following payments to Leahy:
(a) on signing of the Option Agreement - $15,000 (paid);
(b) on or before November 30, 2008 - $25,000 (paid);
(c) on or before February 28, 2010 - $15,000 (paid);
(d) on or before November 30, 2010 - $25,000 (paid);
(e) on or before November 30, 2011 - $25,000 (paid);
(f) on or before November 30, 2012 - $5,000 (paid);
(g) on or before November 30, 2014 - $20,000;
(h) on or before November 30, 2015 - $100,000; and
(i) on or before November 30, 2016 - $100,000;
The expenditure schedule was amended to provide that the following exploration expenditures be incurred on the Black Creek Property:
(a) between signing of the Option Agreement and November 30, 2011 -
(b) between December 1, 2011 and November 30, 2014 - $125,000;
(c) between December 1, 2013 and November 30, 2015 - $125,000; and
(d) between December 1, 2014 and November 30, 2016 - $600,000;
The common share issuance schedule was amended as follows:
(a) on or before November 30, 2008 - 50,000 (issued);
(b) on or before November 30, 2009 - 25,000 (issued);
(c) on or before November 30, 2011 - 25,000 (issued);
(d) on or before November 30, 2012 - 25,000 (issued);
(e) on or before June 28, 2013 - 50,000 (issued); and
(f) on or before November 30, 2014 - 25,000.
No further terms of the Option Agreement have been amended.
About Carrie Arran Resources Inc.
Carrie Arran's principal business is the acquisition, exploration and development of mineral properties. Since incorporation, the Company's business has focused entirely on the acquisition of the Black Creek Project, located approximately 30 km north of Kirkland Lake, Ontario, Canada. The Black Creek Project consists of 18 mineral claims covering approximately 810 hectares. For more information on the Black Creek Project, please refer to the Company's NI 43-101 compliant technical reports, "Technical Report on the Black Creek Property for Carrie Arran Resources - Black Township - Larder Lake Mining Division - Ontario" dated as of February 8, 2011 and available on SEDAR at: www.sedar.com.
Forward-Looking Statement Cautions:
This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation. Generally, these forward-looking statements are statements can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, stated intentions, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to assumptions discussed in the final prospectus of the Company dated March 10, 2010, relating to the Offering. The Company does not undertake to update any forward-looking statements that are contained in this press release, except in accordance with applicable securities laws.
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 and accuracy of this release.
Carrie Arran Resources Inc.
President and CEO