Canadian Manufacturing

Optimum Ventures closes option to acquire up to 80% interest in Harry property

These properties are located in the Skeena Mining Division approximately 30 km northwest of Stewart, B.C.

November 14, 2021  by CM Staff

VANCOUVER— Optimum Ventures Ltd.  announced that the company has received final TSX Venture Exchange approval for the previously announced option agreement with Teuton Resources Corp. In this agreement, Teuton has agreed to grant Optimum the option to acquire up to 80 per cent interest in the Harry and Outland Silver Bar properties. These properties are located in the Skeena Mining Division approximately 30 km northwest of Stewart, B.C.

Following receipt of exchange approval, the company issued the initial cash payment of $50,000 and issued 200,000 common shares to Teuton. The property lies in a prospective corridor running north-northwest from the Premier, Silver Coin, Big Missouri and Dilworth gold deposits presently being developed by Ascot Resources. Lying to the west and north of the Harry property are the extensive holdings of Scottie Resources which include the formerly producing Scottie Gold mine.

“I am excited to have closed this recent acquisition for Optimum. With others’ near term production and recent M&A in the immediate area, we look forward to unlocking similar potential for significant upside potential through exploration, furthering our expectations on the value of the Harry project,” stated Tyler Ross, CEO of the Company, in a press release.

Pursuant to the terms of the Option Agreement, the total aggregate consideration payable by the Company to Teuton for an 80 per cent interest in the Harry Property is an aggregate of up to $1,500,000 cash over five years from September 13, 2021; an aggregate of up to 4,000,000 common shares of Optimum in instalments over a five year period and incurring expenditures on the property of up to $9,000,000 in instalments over five years from the effective date as per their agreement.

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Upon the exercise of the option and optimum acquiring an 80 per cent interest to the Harry Property, the parties will enter into a joint venture agreement for the operation of the project and Optimum will grant to Teuton a two per cent Net Smelter Royalty. All securities issued in connection with the Option Agreement are subject to applicable statutory hold periods for a period of four months from the date of issuance.

In connection with the closing of the Option Agreement, Optimum issued 750,000 common shares and made a payment of $27,000 to Jayden Resources Inc. in connection with the previously announced quitclaim agreement.