CALGARY, ALBERTA -- October 4, 2018
Margaux Resources Ltd. (TSX VENTURE:MRL, OTCQB:MARFF) ("Margaux" or the "Company") has elected to terminate the option agreement on the Jersey-Emerald property in southern British Columbia.
Margaux entered into the option agreement with Apex Resources Inc. (“Apex”, formerly Sultan Minerals Inc.) in 2013. The ongoing monthly option payments to Apex of $50,000 (which will increase to $100,000 monthly payments on January 1, 2019 until a total of $4.02 million has been paid to Apex) were determined by Margaux's board of directors to be unjustifiable in light of current market conditions and metal prices, and no longer in the best interest of the Company’s shareholders.
Going forward, the Company will continue gold and zinc exploration at targets identified on properties that have been amassed in the Salmo area, outside of the originally optioned Jersey-Emerald property.
Tyler Rice, President and CEO for Margaux Resources stated “After careful consideration, the Company has decided for strategic reasons to focus on our gold and zinc properties in the surrounding areas, while at the same time considering other opportunities. Our 2018 exploration programs on the Jackpot zinc and Bayonne gold properties have identified high-quality drill targets and successfully advanced these projects. The results from our 2018 Bayonne drill program have been received and are currently being compiled for release in the near future. We continue to be encouraged by our exploration in the region and believe that Margaux shareholders will enjoy a more positive outcome with our change in direction and strategy.”
About Margaux Resources Ltd.
Margaux Resources Ltd. (TSX.V: MRL, OTCQB: MARFF) is a mineral acquisition and exploration company focused on gold and zinc exploration in the Kootenay Arc, in the southeastern region of British Columbia, and directed by a group of highly successful Canadian business executives.
Forward Looking Statements
This press release may contain forward looking statements including those describing Margaux's future plans and the expectations of management that a stated result or condition will occur. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of Margaux and its management. In particular, this news release contains forward-looking statements pertaining, directly or indirectly, to the following: Margaux's exploration plans and work commitments, the potential of mineral resources and potential for recovery thereof, the timing of reporting exploration results, as well as other market conditions and economic factors, business and operations strategies. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. These statements speak only as of the date of this release or as of the date specified in the documents accompanying this release, as the case may be. The Company undertakes no obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.
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.
Margaux Resources Ltd.
President, CEO and a Director