Vancouver, British Columbia – April 27, 2015 – Aston Bay Holdings Ltd. (TSX-V: BAY) (“Aston Bay” or the “Company”) today announced that it has amended the terms of its option agreement with Commander Resources Ltd. (TSX-V: CMD) to extend the initial earn-in period on the Storm Project by two years.
“This is a beneficial change to our agreement on the Storm Property and we appreciate Commander’s willingness to work with Aston Bay in these challenging market conditions,” said Benjamin Cox, President and CEO of Aston Bay. “The revised time-line and schedule of expenditures gives the Company much greater flexibility in advancing the Storm Project. ”
Under the terms of the revised option agreement, Aston Bay can now earn its initial 51% interest in the Storm Property by incurring a maximum of $3.5m in additional exploration expenditures, as follows:
- $750,000 during each of the 2015 and 2016 calendar years; and
- $1,000,000 during each of the 2017 and 2018 calendar years, or until the minimum is met.
In addition, Aston Bay retains the right to earn an additional 19% interest in Storm (for an aggregate 70% interest), as well as its buyout option, which would allow Aston Bay to gain an undivided 100% interest in the Project.
Aston Bay today also announced that it has engaged Red Cloud Mining Capital Inc. (“Red Cloud”) as a non-exclusive independent contractor to provide strategic advisory services to the Company. Red Cloud is known for its strong institutional relationships as well as its ability to recognize companies and projects with significant value potential.
About Aston Bay Holdings
Aston Bay Holdings Ltd. (TSX-V: BAY) is a publicly traded mineral exploration company focused on the 641,416 acre (259,572 hectares) Aston Bay Property located on northwest Somerset Island, Nunavut. The Property hosts the Storm Copper and Seal Zinc prospects where historic drilling has confirmed the presence of sediment hosted copper and zinc mineralization. Aston Bay holds the right to earn or buy up to a 100% undivided interest in the Storm Property from Commander Resources Ltd. (TSX-V: CMD).
On behalf of the Board of Directors,
Benjamin Cox, Chief Executive Officer
Telephone: (360) 262-6969
For further information about Aston Bay Holdings Ltd. or this news release, please visit our website at www.astonbayholdings.com.
Neither the TSX Venture Exchange Inc. 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.
This news release contains certain statements that may be deemed “forward-looking statements”. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. In the event that management’s beliefs, estimates or opinions, or other factors, should change, the Company undertakes no obligation to update these forward-looking statements, except as required by law. We seek Safe Harbor.