Ashburton Signs Letter of Intent to Sell Yukon Interests to Duncastle
June 23 2014 - 8:00AM
Marketwired
Ashburton Signs Letter of Intent to Sell Yukon Interests to
Duncastle
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 23, 2014) -
ASHBURTON VENTURES INC. (TSX-VENTURE:ABR)(FRANKFURT:ARB)
("Ashburton" or the "Company") announces that it has entered into a
Letter of Intent (LOI) with Duncastle Gold Corp. (TSX-VENTURE:DUN)
whereby Duncastle can acquire a 100% interest in the Company's
three exploration properties in southwestern Yukon. The transaction
will allow Ashburton to keep share dilution to a minimum and focus
resources on its promising Sheslay district portfolio of properties
in northwest B.C., highlighted by the Hackett Project where a Phase
1 work program has just been completed.
Under the terms of the LOI, Duncastle may acquire a 100%
interest in the Spy, Ultra and Catalyst/CKR properties by
completing the following:
- Paying $50,000 and issuing an aggregate 8.5 million shares to
Denali (the underlying vendor) over 3 years for the Catalyst
project;
- Assuming the requirements of existing property agreements now
in place for the Spy and Ultra properties by assignment from
Ashburton, including the completion of $500,000 in exploration
work, $85,000 in cash payments, and the issuance of 650,000 shares
over 5 years;
- Paying $5,000 to Ashburton for the Ultra property and a further
$5,000 to the underlying vendor of the Ultra property, and;
- Issuing 350,000 shares to Ashburton for purchase of the CKR
claims and a further 150,000 shares to Ashburton for assignment of
the Spy and Ultra claims.
The company looks forward to updating shareholders in the near
future regarding progress at its highly prospective Hackett Project
and the recently acquired claims contiguous to the western border
of Garibaldi Resources Corp.'s Grizzly Property.
Ashburton Ventures is a junior exploration company actively
seeking mineral and energy opportunities for the benefit of all its
stakeholders.
ON BEHALF OF THE BOARD
Michael England, President
Forward-Looking Statement:
Some of the statements in this news release contain
forward-looking information that involves inherent risk and
uncertainty affecting the business of Ashburton Ventures Inc.
Actual results may differ materially from those currently
anticipated in such statements. 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.
Ashburton Ventures Inc.Michael
EnglandPresident1-604-683-3995Toll Free:
1-888-945-4770www.AshburtonVentures.com
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