| Vancouver, BC – March 1, 2022 – Finlay Minerals Ltd. (TSXV: FYL) (the “Company”) announces that further to its news release dated February 10, 2022, the Company has entered into a definitive option agreement dated February 28, 2022 for the option of a 70% interest in its wholly-owned PIL Property to ATAC Resources Ltd. (“ATAC”) exercisable for consideration totaling $1.9 million and $12 million of work. The definitive option agreement was entered into pursuant to, and on substantially the terms set forth in, the binding letter of intent described in the Company’s February 10, 2022 news release Pursuant to the definitive option agreement, ATAC may exercise the option and acquire a 70% interest in the Property by making aggregate cash payments of $650,000 and share payments having an aggregate cash equivalent value of $1,250,000, and incurring an aggregate of $12,000,000 in exploration expenditures in staged amounts on or before December 31, 2026. Following the exercise of the option, ATAC and Finlay will hold interests in the Property of 70% and 30%, respectively, and a joint venture will be formed. About Finlay Minerals Ltd. Finlay Minerals Ltd. trades under the symbol “FYL” on the TSX Venture Exchange. For further information and details, please visit the Company’s website at www.finlayminerals.com. The Company’s properties are: the Silver Hope Property which includes porphyry copper-molybdenum mineralization discovered in 2010, along with three silver-copper mineralized zones, in a contiguous trend with the mined-out deposits of the former Equity Silver Mine; (Reference: http://minfile.gov.bc.ca/Summary.aspx?minfilno=093L++001). In 2020 and 2021 the Equity East and Allin Zones were defined by geochemistry and geophysics. The Silver Hope Property surrounds the former Equity Silver Mine; the ATTY Property which is contiguous to the north side of the Kemess East deposit and adjacent to the Kemess Underground deposit of Centerra Gold Inc., and the PIL Property, which is adjacent to Sable Resource’s Baker Mine, has nine known mineralized zones including the recently discovered and expanded Pillar East gold-silver structural system. The Company is focused on the discovery of copper-gold-molybdenum porphyry systems on the PIL Property. On behalf of the Board of Directors, Robert F. Brown, P. Eng. President & CEO For further information, contact: Finlay Minerals Ltd. Robert Brown, President & CEO Tel: 604-684-3099 rbrown@finlayminerals.com |
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