January 30th, 2015
Vancouver, British Columbia
Dome Mountain Gold and Silver Mine
Good news! Although much of 2014 could be well described as a slow grind, it has ushered in 2015 on a positive note.
Management of MMR is pleased to advise that three agreements relating to the sale of the Dome Mountain Mine have now been executed. GMI and all of its shareholders (MMR - 63% interest; Grace Mining Inc. - 34% interest; and two private shareholders - 3% interest) (collectively, the “GMI Shareholders”) have entered into a Share Purchase Agreement and a Shareholders' Agreement with Dome Mountain Resources of Canada Inc. (“DMR”). In addition, MMR has entered into a Management Agreement with GMI.
The Share Purchase Agreement provides for; over a period of approximately two years, commencing on or before July 03, 2015, providing that all of the tranches as set out in the Agreement are paid, a “purchase” sum of $80,000,000 to the Vendors, and a “mine and property enhancement finance” of not more than $50,000,000 of which $30,000,000 will go to GMI for building and installing a 250 tonne a day Mill, a Tailings Management Facility and additional development, and a minimum of $15,000,000 to a maximum of $20,000,000 to further advance exploration of the Dome Mountain Mine Property under the management of MMR.
Some tranches of the Agreement require a “Permit Amendment” from the BC Government having been received by GMI to build a Tailings Management Facility and a 250 tonne per day Mill.
The proceeds of the MMR Shareholder (Vendor) split will provide MMR with $47,250,000 after Finders Fee. Subsequent to July 03, 2015, MMR will commence issuing dividends of up to 60% of the proceeds of each tranche received after taxes, expenses and obligations are paid.
This achievement represents a culmination of nearly a decade of concerted efforts by all of the Gavin Mines Directors, officers and Management who worked during very difficult times and diligently applied themselves to bringing the Dome Mountain Mine to this stage of development and the negotiation of these agreements, always bearing in mind the late Gavin Tattersall and the platform that was laid while he was at the helm of the companies. Gavin never stopped pushing and building until within a couple weeks of his passing.
Special thanks to all of the shareholders who also gave their best through what became very difficult times over these past few years . The management of MMR and GMI recognize that at times it is harder to wait than it is to be in the front lines. Your patience and support has been very much appreciated.
MMR looks forward to managing the development and full production of the Dome Mountain Mine.
For further information please contact:
VP of Communications
FORWARD LOOKING STATEMENTS:
The information contained in this website is provided solely for the reader's general knowledge. The information is not intended to be a comprehensive review of all matters and developments concerning Metal Mountain Resources Inc. All information is offered on a "best intentions" basis. No securities commission or other regulatory authority in Canada or any other country or jurisdiction has in any way passed upon this information and no representation or warranty is made by the Company to that effect.
This website includes "forward looking statements". Other than statements of historical fact, all statements included in this document, including without limitation, statements regarding exploration results, future plans and objectives of the Company may be forward looking statements. These statements may reflect management's current beliefs and are based on information currently available to management. Forward looking statements involve significant risks and uncertainties. A number of factors could cause actual results to differ materially from the results discussed in the forward looking statements, including, but not limited to, general economic conditions, changes arising as drilling results unfold, changes in regulatory environments affecting the Company and the availability and terms of subsequent financings. Although the forward looking statements included in this document are based upon what management believes to be reasonable assumptions, there can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.