| ||Thu Feb 21, 2019|
Black Bull Resources Inc. Announces it has signed an extension to the Option Agreement with Infrastructure Commodities Limited
| ||Shelburne, NS --- February 21, 2019 --- Black Bull Resources Inc. (NEX:BBS.H) On February 18, 2019, the Company entered into an option agreement with Infrastructure Commodities Limited ("ICML"), a related party by virtue of a common officer and director. Under the terms of the agreement, the Company granted ICML the sole and exclusive right and option to explore and mine the Company's White Rock property located in Yarmouth County, Nova Scotia. In consideration of the grant of the option, ICML will pay to the Company 50% of the net after tax profits from the sale of quartz, kaolin and mica products mined at the property. |
The agreement is subject to several conditions to closing as follows:
• Within 1 month of the option grant date, and no later than Feb 28, 2019, ICML must prepare a paper describing the anticipated exploitation prospects to facilitate the preparation of a bankable report;
• Within 3 months of the option grant date, and not later than May 28, 2019, ICML must:
a) Research and prepare a review of the applicable quartz market for use in preparing a plan for exploiting the quartz prospects on the property;
b) Prepare a report on options to pre-treat feedstock prior to delivery to high value clients;
c) Preview potential offtake partners in the USA, Canada, EU and Asia for higher-end market opportunities;
d) Preview potential exploitation partners; and
e) Preview prospects for beneficiation technology located in Nova Scotia.
• Within 4 months of the option grant date, and not later than June 28, 2019, ICML must:
a) Outline the prospective project value and return to investors in a pre-bankable report; and
b) Prepare an outline of a budget for completion of due diligence and a bankable report on the exploitation of the quartz, kaolin and mica assets on the property.
• Within 6 months of the option grant date, and not later than July 28, 2019, ICML must be prepared to review project possibilities with the Company for the way forward for exploitation of the property for quartz, kaolin and mica production and sale of aforesaid.
About Black Bull Resources Inc.
Black Bull Resources Inc. is a Canadian mining company based in Nova Scotia that owns the White Rock Mine near Shelburne. The mine produces a unique, bright, white, high-purity quartz, marketed under the Scotia WhiteTM trademark which is used in a range of value-added, specialty products.
The White Rock Property also contains an identified resource of kaolin and mica.
Further detailed information may be obtained from the Company's website www.blackbullresources.com or corporate filings at www.SEDAR.com. For other Company information contact:
Black Bull Resources Inc.
FORWARD LOOKING STATEMENTS: This news release contains certain forward-looking statements. All statements, other than statements of historical fact, included herein, including without limitation statements regarding the Company's mining properties, development results or future plans, are forward looking statements that involve various risks and uncertainties. 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. Factors that could cause actual results or events to differ materially from current expectations include, among other things, changes in mineral prices, fluctuations in currency exchange rates, uncertainties relating to the availability and costs of financing needed in the future, the capital and operating costs varying significantly from estimates, delays in the development of projects, as well as those risk factors discussed or referred to in Management's Discussion and Analysis under the heading "[Risks and Uncertainties]" and other documents filed from time to time with the securities regulatory authorities in all provinces and territories of Canada and available at www.sedar.com.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Unless required by law, the Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements.
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.
About Infrastructure Commodities (Mauritius) Ltd ("ICML"),
ICML is a company listed on the Stock Exchange of Mauritius, managing over $380M of existing diverse mining assets and established specifically to fund and exploit commodities utilized in the fast-growing infrastructure sector. Seeking projects at market and expanding or those with proven ability to deliver revenues in the short term ICML will establish growth, as cornerstone and via co-fund projects, utilizing a variety of instruments including, equity, debt, royalty structures and streaming for example.
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