Berkwood Resources Ltd. (TSX-V: BKR) (“Berkwood” or the “Company”) announces that it has signed an option agreement with Westhaven Ventures Ltd. (TSX-V:WHN) under which Westhaven can acquire a 70% interest in Berkwood’s Prospect Valley Property located near the town of Merritt, British Columbia.
Pursuant to the terms of the agreement, Westhaven pays Berkwood C$20,000 on signing. On or before November 25, 2015, Westhaven may then exercise the option by making a second and final payment to Berkwood of C$80,000 plus 500,000 Westhaven shares which shall have a hold period pursuant to securities legislation and TSX.V rules and policies. In addition Berkwood cannot sell the 500,000 Westhaven shares for 5 years after the signing of the agreement or until 5,000 tonnes of rock are mined from the property, whichever is sooner. Westhaven also has a right of first offer for Berkwood’s remaining interest in the property should Berkwood decide to divest it in the future. No finder’s fees are payable with respect to this transaction. The agreement is subject to acceptance by the TSX Venture Exchange.
George Gorzynski, CEO and Director of Berkwood stated: “The cash received under this agreement will allow Berkwood to address some critical and immediate financial obligations of the Company and allow the Company to begin moving forward. As the first step in going forward, Berkwood will continue to advance the Company exploration projects including field work on its Lac Gueret Extensions Graphite Project in Quebec. This work is designed to finalize drill targets on two large and strongly defined geophysical conductors with similarities to those associated with high grade graphite mineralization located on the nearby Mason Graphite deposits.”
About Berkwood Resources:
In addition to Prospect Valley, Berkwood’s other projects include an option to earn a 100%-interest in the 5,788ha Lac Guéret South Graphite Property, located in northeastern Quebec. The property borders the southern boundary of Mason Graphite’s Lac Guéret Project which has a NI 43-101 compliant mineral resource estimate with measured & indicated mineral resources of 65.7 million tonnes grading 17.2% Cgr (including 9.7 million tonnes grading 31.2% Cgr)*. Berkwood also holds a 100% interest in the Lac Guéret East Graphite Property which is adjacent to the eastern boundary of Mason Graphite’s Lac Guéret Property. Berkwood’s Lac Guéret East and South Graphite Properties share a similar geological environment to Mason Graphite`s Lac Guéret Property including along strike stratigraphic units, structures and geophysical conductors.
To view details, maps and photos of Berkwood’s properties please click the following link: http://www.berkwoodresources.com/properties.html.
George Gorzynski, P.Eng., CEO and a Director of the Company, and a Qualified Person under the definition of Canadian National Instrument 43-101, approved the technical information in this news release.
On behalf of Berkwood Resources Ltd.
“Shiraz Raz Hussein”
Shiraz Raz Hussein, Director
For additional information please contact:
Berkwood Resources Ltd:
Tel: (604) 662-7455 E-mail: info@berkwoodresources.com
Cautionary Statements
This Berkwood News Release contains certain “forward-looking” statements and information relating to Berkwood that are based on the beliefs of Berkwood’s management as well as assumptions made by and information currently available to Berkwood’s management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitation, competitive factors, general economic conditions, relationships with strategic partners, governmental regulation and supervision, seasonality, technological change, changes in industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein. Except as required by law, Berkwood does not assume the obligation to update any forward-looking statement.
*The Mason Graphite NI 43-101 mineral resource estimate was sourced from the Mason Graphite news release dated December 15, 2014. The Qualified Person has been unable to verify the information contained within the Mason Graphite news release and the mineralization on the Mason Graphite property is not necessarily indicative of the mineralization on the Company’s property.
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.
