April 23, 2024, Vancouver, British Columbia – Happy Creek Minerals Ltd. (TSX-V: HPY) (“Happy Creek” or the “Company”) is pleased to announce that it has executed a Binding Letter of Intent (the “LOI”) with an arms-length third party (the “Buyer”) for the sale of its 1% Net Smelter Return royalty (the “NSR”) over the Silver Dollar Project mineral claims located in Southern British Columbia, in return for cash consideration of $250,000.
The Silver Dollar Project (the “Project”) is an approximately 3300-hectare gold and silver exploration project consisting of mineral claims in the historic Camborne mining district in Southeastern British Columbia. The Silver Dollar Project is now owned by 40 Pillars Mining Corp, a public company trading on the Canadian Stock Exchange. Happy Creek received the NSR over the Silver Dollar Project as part of consideration for the option of the Project to Explorex Resources Inc. on May 11, 2016. (See Company news release dated May 12, 2016 for full details).
Under the terms of the LOI executed April 22, 2024, the Buyer has 12 months to complete the payment of $250,000 cash consideration in return for 100% interest in the NSR. In addition, the Buyer will pay Happy Creek a monthly interest rate of 1% on the Consideration until the transaction is completed. Further, the buyer has the right to terminate the LOI with a termination fee of $3,000 to be paid to Happy Creek.
The Buyer is a private Ontario registered company and is an arms-length entity to the Company or its Directors.
On behalf of the Board of Directors,
“Michael Cathro”
President and Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
Michael Cathro
Telephone: 604-590-1525
Email: info@happycreekminerals.com
About Happy Creek Minerals Ltd.
Happy Creek is focused on making new discoveries and building resources in proximity to infrastructure on the Company’s 100-percent-owned portfolio of diversified metals projects in British Columbia.
Projects include the Highland Valley Project, adjacent to Teck’s Highland Valley Copper Mine that has been in continuous production for over 60 years, the Fox Tungsten deposit, a high-grade tungsten deposit, the Silverboss molybdenum-copper-gold-silver project adjacent to Glencore’s closed Boss Mountain molybdenum mine, and the adjacent Hen-Art-DL gold and silver project.
Happy Creek is committed to responsible mineral resource development. The Company’s priority is to build and sustain mutually beneficial relationships with Indigenous Communities in the territories in which the Company explores. Additional information relating to Happy Creek Minerals Ltd. may be obtained or viewed on the SEDAR+ website at www.sedar.com or on the Company’s website at www.happycreekminerals.com
