VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/07/13 -- Goldstrike Resources Ltd. (TSX VENTURE: GSR) reports that it has made application to TSX Venture Exchange (the "Exchange") for consent to issue 324,676 shares to satisfy the $200,000 payment due by November 30, 2013 to maintain the Company's option on the "Plateau" property.
Pursuant to an agreement (the "Option Agreement") made as of March 22, 2011, the Plateau option may be exercised by the Company making cash payments, issuing shares and incurring exploration expenses on the "Plateau" property over a period of four years. The Company's original filing in respect of the Option Agreement was accepted by the TSX Venture Exchange as part of the Company's Change of Business (the "COB"), which completed during June, 2011.
The Company made its initial Option payment on completion of the COB, and has incurred all exploration expenses required to be incurred to date to maintain the Option. The Option Agreement requires the issuance of 500,000 shares and a $200,000 cash payment during November, 2013. The Option Agreement provides that, subject to the prior approval of the Exchange, the Company may issue shares in lieu of making the $200,000 cash payment. The Company desires to maintain the Option in good standing and, to conserve cash, has applied to the Exchange for the required approval. The deemed issue price will be $0.616 per share, based on the Market Price of the Company's shares when the Option Agreement was announced on March 24, 2011. Accordingly, subject to Exchange approval, the Company will issue 324,676 shares in lieu of a $200,000 cash payment.
ON BEHALF OF THE BOARD
Terrence E. King, President and Chief Executive Officer
For new sections and maps on the Summit property, please visit Goldstrike's website at GoldstrikeResources.com. For further information follow the Company's tweets at Twitter.com/GoldstrikeRes.
Neither 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.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions, and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The reader is cautioned not to place undue reliance on forward-looking statements.
King James Capital Corporation