Calgary, Alberta– (July 4th, 2017) – PRIZE MINING CORPORATION (“Prize” or the “Company”) (TSXV:PRZ) (MQSP:GR:FRANKFURT) is pleased to announce that all conditions precedent for the Toughnut Property option transaction first announced by Prize on June 21, 2017, including the acceptance of the TSX Venture Exchange, have been satisfied and that the initial option payments of $30,000 and 50,000 common shares to the optionors of the Toughnut Property have been made.
To exercise the option and acquire the Toughnut Property, the Company must, on an aggregate-basis, pay an additional $120,000, issue an additional 200,000 common shares and incur CDN $750,000 of exploration expenditures over a five-year period. The Toughnut Property will be subject to a 2 % NSR on its acquisition by Prize. Prize has the right to purchase one-half of the 2% NSR for the purchase price of $2,000,000 on or before the date on which Commercial Production commences
On behalf of the Board of Directors,
About Prize Mining
Prize is a Calgary based junior mining issuer with offices in Calgary, Alberta and is listed on the TSX Venture Exchange. Prize is engaged in the acquisition, exploration and development of mining properties.
For further information, please contact Walter Spagnuolo, Investor Relations by telephone at 403.236.2222 or email at email@example.com
Neither the 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.