VANCOUVER, BC / ACCESSWIRE / October 30, 2018 / PROGRESSIVE PLANET SOLUTIONS INC. (TSX-V: PLAN) ("Progressive Planet", "PLAN" or the "Company") is pleased to announce that an agreement has been signed between Berkwood Resources and Progressive Planet.
The Terms of the agreement allow Progressive Planet to earn a 5% interest to the Lac Guéret South Graphite property in exchange for spending $250,000 in expenditure before December 31, 2018. During a period of 6 months, either party will have the right to execute a buy-back scenario in which case Berkwood would purchase the 5% back by paying to Progressive Planet 1,750,000 Units. Each unit will entitle PLAN to receive one share, and one half warrant of the company which at the time of signing this agreement constitutes 5% of the Issued and Outstanding Shares of Berkwood. This transaction is subject to exchange approval.
The Lac Guéret project is being led by the same geologist who discovered the Mason Graphite deposit which runs on trend, and borders this project which displays similar prospective geology, including geophysical anomalies. The project is made up of 288 Claims which cover a total area of 15,552 hectares. Three drill programs have been completed to date with 27 holes drilled covering 4,006m. Of the holes drilled, 26 of the 27 had significant graphite intersections (Hole 25 intersected 130.55 m averaging 17.37 Cgr). Assays have confirmed average grades in the range of 14.39% to 25.52% Cgr and true thicknesses ranging 22.1 to 90 meters. The graphite is high grade and large flake, making it highly desirable to industry.
"This option agreement allows both our companies to provide great value to our shareholders. We are very excited to have worked out an arrangement which would allow our Company to benefit from the hard work that has already been done to date on the Lac Guéret project. This project is of great interest to our company based on its neighbor, Mason Graphite's success. We are glad that we were able to work together to bring this project forward. We intend to get drilling in the coming weeks." stated Steve Harpur, CEO of Progressive Planet.
A drill program is scheduled to begin in November.
Qualified Person
The technical content of this news release has been reviewed and approved by Dwayne Melrose, P. Geo., a Director of Progressive Planet and a qualified person as defined in NI 43-101 and is a member of the Association of Professional Engineers and Geoscientists of British Columbia.
Progressive Planet is a Canadian based mineral exploration company with a flagship zeolite mine in British Columbia, the right to earn a 20% interest in a lithium project in Manitoba and a graphite property in Buckingham, Quebec.
ON BEHALF OF THE BOARD
Signed "Stephen Harpur"
Stephen Harpur, CPA, CGA
CEO
For further information, or to place a zeolite order, please contact:
Derek Knight. COO
1-800-910-3072
DKnight@ProgressivePlanet.ca
www.progressiveplanet.ca
Forward-Looking Statements:
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Progressive Planet Solutions Inc. Actual results may differ materially from those currently anticipated in such statements. 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.
SOURCE: Progressive Planet Solutions Inc.
View source version on accesswire.com:
https://www.accesswire.com/526648/PLAN-Signs-Option-Agreement-with-Berkwood-Resources-on-Graphite-Property-Adjacent-to-Mason-Graphite
