Galore Announces Details of an Option Agreement to Acquire the San Onesimo Property in Northern Zacatecas State, Mexico
FOR IMMEDIATE RELEASE June 26, 2014
GALORE ANNOUNCES DETAILS OF AN OPTION AGREEMENT TO ACQUIRE THE SAN ONESIMO PROPERTY IN NORTHERN ZACATECAS STATE, MEXICO
Vancouver, B.C., Galore Resources Inc. (TSX-V: GRI) announces the details of an Option Agreement signed on June 6, 2014 to acquire the San Onesimo property, located in northern Zacatecas State, Mexico. Under the San Onesimo Agreement, Galore may earn a 100% interest in the property by making cash payments totalling US$508,000 over 5 years and issuing 1 million common shares of the Company by the contract completion date in 2019. The property optionors, two Mexican nationals, retain a 2% Net Smelter Royalty (NSR) from gold and silver production and 1% NSR from all other mineral production. These royalties may be purchased by Galore for US$ 1 million for each 1% NSR on or before the option completion date in 2019.
The San Onesimo Property comprises three claims covering 5,603 hectares located south and contiguous to Galore’s Dos Santos property. Previous work on the San Onesimo property included soil geochemical and IP surveys and six diamond drill holes. This is an early stage, underexplored property and a suitable target for applying Galore’s exploration model over a larger area.
This agreement is subject to the approval of the TSX Venture Exchange.
Galore Resources is a British Columbia-based exploration company with promising exploration properties in Mexico and British Columbia.
Uwe Schmidt, P.Geo. is the Qualified Person as identified by National Instrument 43-101 responsible for information in this release.
GALORE RESOURCES INC.
“Uwe Schmidt”
President and Director
To find out more about Galore Resources (TSX.V:GRI) please contact:
Mike McMillan at (210) 860-9212 (USA), Uwe Schmidt at (604) 647-2298 (CAN).
Toll Free: 1 (877) 647-2298
OR visit our website at www.galoreresources.com or contact us at [email protected].
Cautionary Note Regarding Forward-Looking Information: The Company expressly warns readers not to rely on the information herein for investment or other related purposes. Accordingly, any use of this information is at your own risk and without liability to the company. The information contained herein is not, and under no circumstances is to be construed as either a public or a private offer or solicitation to purchase securities in the capital stock of Galore Resources Inc. The reader is referred to his/her professional investment advisor regarding investment or related decisions respecting the securities of the company. No securities commission or similar regulatory authority has passed on the merits of or reviewed the information contained herein. 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.
#1100 - 1111 Melville Street | Vancouver, BC, Canada | V6E 3V6 | Tel: (604) 647-2298 | Toll Free: 1 (877) 647-2298 Fax: (604) 648-8894 | [email protected] | www.galoreresources.com