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TORONTO, Dec. 21 /CNW/ - Hudson River Minerals Ltd. (TSX-V: HRM or "Hudson River") is pleased to announce that it has entered into a Purchase and Sale
Agreement (the "Agreement") to purchase 53 mining claims (the
"Properties") totaling 703 units in the northern and southern portions
of the Ring of Fire area of northern Ontario from Temex Resources Corp.
(TSX-V: TME, FWB:TQ1, or "Temex").
Terms of the Agreement:
Temex has agreed to sell its 100% interest in the Properties to Hudson
River for the following:
1,500,000 common shares of Hudson River Minerals Ltd.
1,500,000 common share purchase warrants with each warrant entitling
Temex to purchase one common share of Hudson River Minerals Ltd. at a
price of $0.30 per share for a period of two years from the date of
issuance.
Upon payment of the 1,500,000 common shares and the 1,500,000 common
share purchase warrants, Hudson River will own 100% of the Properties
and Temex will have no further interest, title or obligations in the
Properties. Hudson River has agreed to spend a minimum of $250,000 to
drill known airborne electromagnetic targets in the vicinity of an
intersection of zinc mineralization previously discovered by White Pine
Resources. Should Hudson River not make the expenditures on the claims,
Hudson River will issue to Temex an additional 500,000 common shares of
Hudson River.
The Agreement is subject to all necessary regulatory approvals and all
securities issued in connection with this transaction are subject to a
4 month plus 1 day hold period from the date of issuance. The Agreement
has been approved by the Board of Directors of both Temex and Hudson
River.
About Hudson River Minerals Ltd.
Hudson River is focused on the discovery of nickel, copper and platinum
group element (Ni-Cu-PGE) deposits, volcanogenic massive sulphide (VMS)
deposits and precious metals. The management team has experience
exploring in areas with no geologic outcrop and that rely heavily on
geophysical technologies for discovery. For more details on Hudson
River's properties see the National Instrument 43-101 technicalreport,
which is available at >www.hudsonriverminerals.com.
This document may contain forward-looking statements relating to Hudson
River's operations or to the environment in which it operates. Such
statements are based on operations, estimates, forecasts and
projections. They are not guarantees of future performance and involve
risks and uncertainties that are difficult to predict and may be beyond
Hudson River's control. A number of important factors could cause
actual outcomes and results to differ materially from those expressed
in forward-looking statements, including those set forth in other
public filings. In addition, such statements relate to the date on
which they are made. Consequently, undue reliance should not be placed
on such forward-looking statements. Hudson River disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise, save and except as may be required by applicable securities
laws.
For further information:
Hudson River Minerals Ltd. Stephen J. Balch, President and CEO Tel: (905) 407-9586 Email: sbalch@hudsonriverminerals.com
