Goldbank Mining Corporation (TSX.V-GLB) and Ultra Resources Corp. ("Ultra")(TSX.V-ULT) are pleased to announce that Ultra is proceeding with its reacquisition of a 100% interest in the Buck Lake Platinum Palladium Nickel Project. The Buck Lake Project is located approximately 25 kms west of North America Palladium’s Lac des Iles Palladium Mine near Thunder Bay, Ontario.
To acquire Goldbank’s 51% interest and end all further Goldbank interests and exploration obligations with respect to Buck Lake, Ultra has agreed to issue 2,000,000 common shares to Goldbank upon TSX Venture Exchange acceptance for filing of the agreement and make a cash payment of $200,000 to Goldbank on or before June 1, 2017. The purchase agreement is subject to acceptance for filing by the TSX Venture Exchange.
Following the completion of its acquisition Ultra will hold 100% of the Buck Lake Project subject to a 2.5% NSR in favour of the original vendors, 50% of which NSR can be bought back by Ultra at any time for $500,000.
Goldbank Mining Corporation is a Canadian exploration company actively exploring for gold in the Klondike Goldfields near Dawson City, Yukon, Canada.
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GOLDBANK MINING CORPORATION
PER: “James Boyce” Suite 702 – 889 West Pender Street
Vancouver, BC CANADA V6C 3B2
JAMES BOYCE Telephone: 604.683.3288
President & CEO Toll Free: 1.888.880.2288
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.