Brades Announces Agreement to Acquire Lorne Lake Uranium Property
VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 16, 2013) - Brades Resource Corp. ("Brades" or the "Company") (TSX VENTURE:BRA) is pleased to announce that it has entered into a purchase and sale agreement with Ryan Kalt and Johnathan More, dated July 15, 2013 (the "Purchase Agreement") regarding the Lorne Lake uranium property (the "Property") located in northern Saskatchewan. Under the terms of the Purchase Agreement and subject to TSX Venture Exchange (the "Exchange") acceptance, Brades will acquire an undivided 100% interest in the Property, save and except for a 2% net smelter return royalty, in consideration for the issuance of in aggregate 3.5 million common shares in its capital at a deemed purchase price of $0.10 per common share, of which, 2.5 million common shares will be issued to Mr. Kalt and 1 million common shares will be issued to Mr. More. In addition, the Company will grant to Mr. Kalt a 2% net smelter return royalty on the Property. Each of Mr. Kalt and Mr. More are "arm's length parties" within the meaning of the Exchange policies, however, upon the close of the transaction, Mr. Kalt will be an insider of the Company.
Cheryl More, Brades' President and CEO, stated, "The Lorne Lake property is located in the prospective Athabasca Basin with regional proximity to Cameco's Centennial Deposit to the east and the Patterson Lake South discovery by Alpha Minerals/Fission Uranium to the west. This is an attractive opportunity for the company to pursue, with the potential to be an important addition to our BRC copper-gold property located in northwestern British Columbia."
The Property consists of 15 contiguous mineral claims comprising of approximately 97,500 acres in Saskatchewan's Western Athabasca Basin. The Property covers favorable geology located inside the Basin at shallow to moderate depth and is the host not only to Lorne Lake but also Worden Lake and Bonazew Lake. It is host to extensive regional faulting and lineaments and covers one of only three identified cross-cutting major fault structures located in the Western Athabasca Basin. These faults and lineaments parlay over favorable magnetic geophysical data, a combination which has been highly conducive to past uranium discoveries in the Basin.
The technical disclosure in this news release has been reviewed by Dr. Harrison O. Cookenboo, Ph.D., P. Geo., a director of the Company, who is a "qualified person" within the meaning of National Instrument 45-103.
Brades is a junior exploration and development company with a focus of operations on Canadian resource properties. Brades is currently advancing its BRC porphyry copper-gold property in the Iskut River District, northwestern British Columbia. The BRC property covers 14,133 ha. and exhibits mineralization and alteration features that are similar to the Teck - Novagold Galore Creek deposit and the Imperial Metal Red Chris deposit in northwestern BC.
ON BEHALF OF THE BOARD
Cheryl More, President and CEO
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 news release.
This news release includes certain statements that constitute "forward-looking information" within the meaning of applicable securities law, including without limitation, statements that address the timing and content of upcoming work programs, geological interpretations, receipt of property titles and exploitation activities and developments. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks, including the Company's working capital availability and approval by the TSX Venture Exchange of any shares to be issued by the Company and, accordingly, may not occur as described herein or at all. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, and continued availability of capital and financing and general economic, market or business conditions. Readers are referred to the Company's filings with the Canadian securities regulators for information on these and other risk factors, available at www.sedar.com. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.
Issued and Outstanding: 14,089,665