Boss Power Corp. (TSX.V: BPU) (“Boss Power”) is pleased to announce the acquisition of an equity interest in the Eastgate Property situated in the Walker Lane trend in Nevada. The property is situated approximately 20 km NE of our Bell Mountain project (see news release of May 15, 2015).
Under the terms of the agreement, Boss Power has purchased 1/2 of Kermode’s 30% interest in the property and agreed to purchase a further 30% interest in the property from the underlying vendor, Blue Ridge Gold (See Kermode news release of May 10, 2012). Payment to Kermode of $250,000 US has been completed and the first installment of $200,000 US has been completed to Blue Ridge Gold for 15% property interest. Boss will have up to one year to make a second payment of $200,000 US to increase its property interest to 45%.
Under the terms of our agreement with Kermode, the companies have agreed to work together on advancing this property. Subject to Boss completing the purchase of an aggregate 45% of the property, Kermode and Boss will have the right to jointly and equally participate in the remaining purchases of a 15% and a 25% property interest pursuant to and contemplated by the Blue Ridge Agreement. Either party may elect not to complete its share of the purchases, in which case, the other party may complete the purchase on its own account. The parties also have the right to call for a joint venture arrangement under the terms of the Blue Ridge Agreement at any time with Blue Mountain, the underlying vendor.
Boss has the right to act as the operator during the exploration stage of the project. A description of the project as prepared by Kermode has been added to our web site and our shareholders are referred to this for details on the property.
Boss Power Corp. is a Canadian public company focused on the exploration and development of mineral deposits in North America.
BOSS POWER CORP.
Ron Netolitzky, Acting CEO
Suite 611, 675 W. Hastings Street Vancouver, British Columbia, Canada V6B 1N2
Tel: (604) 688-8115 Fax: (604) 669-2543