Hilltown Resources Inc.: Brazilian Property Option
09 Juin 2011 - 7:19PM
Marketwired Canada
THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES
Hilltown Resources Inc. (the "Company") (CNSX:HLT) is pleased to announce that
Hilltown and Tecstones Geologia Ltda of Brazil ("TEC") have closed the
acquisition of an option (the "Option") from TEC whereby Hilltown may earn a
100% interest in four mineral claims (the "Claims") comprising 6,286 hectares
located in Bahia State, Brazil (the "Claims").
Based on the results of a preliminary due diligence sampling program announced
in a news release dated March 3, 2011, which can be viewed at sedar.com,
Hilltown decided to proceed with a formal option agreement.
Hilltown can acquire the Claims by (i) incurring expenditure expenditures of US
$800,000 in three years: year 1 - $100,000, year 2 - $200,000 and year 3 -
$500,000. (ii) paying approximately $2,455 to keep the Claims in good standing
to 2012 and (iii) reimbursement of the Owners acquisition and exploration costs
to a maximum of approximately $44,550 payable by December 2011.
The Claims are subject to the following royalties which can be purchased by
Hilltown.
Iron Ore - 2.5% of net sales proceeds (minus freight costs). The Iron Ore
Royalty can be purchased by the payment of either:
-- prior to drilling US $2,000,000, or
-- after drilling an amount equal to US$1.00 per ton of iron ore above 60%
grade iron ore proven resource, with phosphorus levels of less than
0.06%,
Base Metals Royalty: 2% net smelter return which can be purchased by Hilltown at
any time, by a payment of U.S. 1 million dollars for each royalty percentage
point for an aggregate total of $2,000,000 for the Base Metal royalty.
On behalf of HILLTOWN RESOURCES INC.
Rudy de Jonge, Chief Executive Officer, director
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