Roughrider Exploration Limited (TSX-V: REL) is pleased to announce that it has entered into an option agreement with Industria Metals Inc. whereby Industria can earn a 70% interest in Roughrider’s Scottie West Property located in Northwest British Columbia.
Under the terms of the Agreement, Industria can earn a 70% interest in the Property by making aggregate cash payments of $500,000, issuing to Roughrider common shares of Industria with a total value $500,000 and incurring a minimum of $1,000,000 of exploration expenditures on the Property over a four year period. Upon Industria’s successful completion of the earn-in, Roughrider and Industria will form a joint venture on the Property. Roughrider will retain a 2% net smelter return royalty of which Industria can repurchase 1% of the NSR for $2,000,000 at any time after a production decision has been made.
Adam Travis, CEO and Director of Roughrider, comments: “We are very pleased to have signed an agreement with Industria on our non-core Scottie West Property. Our current exploration focus is on the Empire Mine Property located on Vancouver Island and we have been reviewing other opportunities in order to create shareholder value. This agreement with Industria allows us to have a direct equity interest in Industria, maintain a 30% interest in the Property and therefore provides Roughrider an opportunity to participate in any future success at the Scottie West Property.”
About Roughrider Exploration Limited
Roughrider’s current exploration focus is the Empire Mine property located on Northern Vancouver Island, B.C. and covers three past-producing open pit mines and two past-producing underground mines that produced iron, copper, gold and silver. Roughrider’s other properties include its 100% owned Eldorado, Gin and Bonanza properties located in the Golden Triangle of northern B.C. which are adjacent to the Red Chris Mine as well as its 100% Sterling property which is located in central B.C. Roughrider management also continuously reviews strategic precious metals opportunities in western North America.
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