TORONTO, CANADA / TheNewswire / March 12, 2018 - Terreno Resources Corp. (TSXV: TNO.H) ("Terreno" or the "Company") George A. Brown, President & CEO, is pleased to announce that the TSX Venture Exchange has accepted for filing documentation pursuant to the property option agreement under terms as news released January 22, 2018.
Terreno may earn a 60% interest in the Las Cucharas Gold & Silver Project in Mexico. The project consists of seventeen (17) concessions covering slightly over 4,445 hectares. Terreno is required to issue 2,000,000 common shares within ten (10) days of March 7, 2018. An additional 2,500,000 common shares will become due on the first and second anniversary dates of the agreement. An additional 3,000,000 common shares will become due on the third anniversary of the agreement. A final 5,000,000 common shares will become due on the fourth anniversary subject to the transfer of a 60% interest in the concession titles. Terreno is also required to incur cumulative exploration expenditures of C$700,000 by October 31, 2021 including C$200,000 by October 31, 2019 and C$450,000 by October 31, 2020. The property interest, once earned and exercised will make the Las Cucharas Gold & Silver Project subject to a three (3) per cent net smelter return (NSR) royalty payable to Maverix Metals Inc.
Additional information on the Company can be viewed at www.sedar.com
For additional information, contact: Tel: (905) 467-1109
Suite 1102, 44 Victoria Street, Toronto, Ontario M5C 1Y2
Neither The TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of Terreno's securities in the United States. None of the securities have been and will not be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available. Any public offering of securities in the United States must be made by means of a prospectus that contains detailed information about Terreno and its management, as well as financial statements.
This release may contain certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements and information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements and information include, but are not limited to, statements with respect to the transactions contemplated, any requisite regulatory approvals in respect thereof and proposed future transactions Terreno may undertake and their expected timing. Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Terreno to control or predict. Terreno undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements.