GUNPOINT EXPLORATION LTD ("GUN")
BULLETIN TYPE: Property-Asset or Share Disposition Agreement
BULLETIN DATE: April 2, 2015
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing an Option Agreement (the "Agreement") dated March 12, 2015 between Gunpoint Exploration Ltd (the "Company") and Timberline Resources Corporation ("Timberline"). As agreed upon in the Agreement, Timberline will have an option to acquire a 100% interest in the Company's Talapoosa Property (the "Property") located in Nevada.
Timberline must pay the Company an aggregate of US$300,000 within 180 days after closing, and issue 2 million shares at the time of grant of the option, releasable from escrow over a 24 month period. The Option is exercisable by Timberline within 30 months of March 12, 2015 (the "Option Period") and Timberline must make reasonable effort to complete a feasibility study on the Property within the Option Period. At any time during the Option Period, Timberline may exercise the Option by paying the Company US$10,000,000 in cash ("Option Payment").
For a period of 5 years following the Option Payment, if the daily price of gold is fixed at or above US$1,600/oz at any time and thereafter the price of gold averages US$1,600 per ounce or more over any 90 day period, Timberline will be required to pay the Company an additional US$10,000,000 (US$5 million in cash and the balance in cash or shares) within 90 days of such occurrence. If Timberline exercises the Option and acquires a 100% interest in the Property, the Company will be granted a 1% net smelter returns royalty which Timberline may purchase at any time by paying US$3,000,000 to the Company.
Further information can be found in the Company's news release dated March 17, 2015.
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