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Message: NITINAT ACQUIRES PROPERTY IN THE PROVINCE OF QUEBEC
Wonder who the Optioner is
NITINAT ACQUIRES PROPERTY IN THE PROVINCE OF QUEBEC
Nitinat Minerals Corporation (TSX VENTURE: NZZ) ("Nitinat") is pleased to announce that it has entered into an option agreement dated June 13, 2011 (the "Agreement") with an arm's length party (the "Optionor") to acquire an undivided 100% in certain mining claims located in Chibougamau in the Province of Quebec.
Pursuant to the terms of the Agreement, Nitinat is to pay the Optionor a cash pay $500,000 and issue an aggregate of 2,900,0000 common shares. The issuance of the shares is subject to the approval of the TSX Venture Exchange and will be subject to all applicable statutory resale restrictions. In addition, upon achieving certain exploration milestones, Nitinat will issue an additional 1,500,000 common shares and pay an aggregate of $1,500,000.
This update contains "forward looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward looking statements can be identified by the use of forward looking terminology such as "plans", "anticipated", "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" or "will be taken", "occur" or "be achieved". Nitinat is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward looking statements contained in this release. Nitinat cannot assure investors that actual results will be consistent with these forward looking statements and Nitinat assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.
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.
Contacts: Nitinat Minerals Corporation Herb Brugh Secretary of the Corporation 416-842-9000 www.nitinatminerals.com For Investor Relations call: 604-221-7604 604-221-7606 (FAX) [email protected]
SOURCE: Nitinat Minerals Corporation
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