Cavan Receives Approval for St-Onge Wollastonite Deposit Acquisition
Vancouver, British Columbia (FSCwire) – CAVAN VENTURES INC. (“Cavan” or the “Company”) (CVN.H – TSXV) is pleased to announced that it has received approval regarding its previously announced acquisition of the St. Onge Wollastonite Deposit, located in the St-Onge township, in the Saguenay – Lac St. Jean region of Quebec.
The acquisition was previously announced in the Company’s August 2, 2017 news release, which contains a further description of the mineral project. To maintain and exercise its option to acquire the St. Onge Wollastonite Deposit, the Company will, over a 3 year period, issue a total of 8 million common shares (of which 4 million shares will now be issued, with a hold period expiring February 4, 2018), make total cash payments of $750,000 (of which $50,000 has now be paid), and incur $2 million in exploration expenditures. The optionor will also be granted a 2% NSR royalty, of which 1% can be purchased by the Company for $1 million. Additionally, a $5 per tonne royalty on the first million tonnes of raw material shipped from the property without processing will be granted; should more than one million tonnes of unprocessed material be shipped from the property, the royalty will be decreased to $1 per tonne. Additionally, any amazonite and other gemstone minerals produced from the property will remain the optionor’s.
Cavan’s mission is to identify, acquire and advance high potential mining prospects located in North America for the benefit of its stakeholders. For more information regarding Cavan, visit Cavan’s website at www.cavanventuresinc.com.
ON BEHALF OF THE BOARD
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Source: Cavan Ventures Inc. (TSX Venture:CVN.H)
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