VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 19, 2013) - Gunpoint Exploration Ltd. ("Gunpoint" or the "Company") (TSX VENTURE:GUN) is pleased to announce that it has entered into an option agreement (the "Option Agreement") with Precipitate Gold Corp. ("Precipitate") whereby Precipitate can acquire a 100% interest in the four concessions comprising of the Cecilia gold-silver project, in northeastern Sonora state, Mexico.
Pursuant to the terms of the Option Agreement, Precipitate has a four month due diligence period during which time it will have full access to the project and all available data. At the end of the due diligence period, if Precipitate elects to proceed, it can complete the acquisition by making staged payments in cash and securities as follows:
|At the completion of the due diligence period
||$100,000 and 175,000 common shares of Precipitate
|On or before the 1st anniversary of the initial payment
||$125,000 and 175,000 common shares of Precipitate
|On or before the 2nd anniversary of the initial payment
||$175,000 and 175,000 common shares of Precipitate
Precipitate is not obligated to meet any minimum property expenditures or work commitments, other than those required to keep the concessions in good standing. A 1% NSR is payable to the Mexican Government on the three small property inlier concessions.
E. Max Baker, President and CEO of Gunpoint said; "With Gunpoint having its sights firmly set on advancing Tqlapoosa (Nevada) and Escorpion (Guatemala), we are pleased to see the Cecilia gold-silver project finally getting the attention it warrants."
The securities issuable pursuant to the Option Agreement are subject to a four month hold period from the date of issuance. Completion of the transaction is subject to approval of the TSX Venture Exchange.
On Behalf of the Board of Directors of Gunpoint Exploration Ltd.,
E. Max Baker, President & CEO
FORWARD LOOKING STATEMENTS
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that address future events and conditions that describe the Company's future plans, objectives or goals which are subject to various risks and uncertainties in relation to the Company. The assumptions used in the preparation of such statements although considered reasonable at the time of preparation may prove to be imprecise and as such, actual results in each case could differ materially from those currently anticipated in such statements. The Company does not intend to, and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.