Atico Mining Reaches Settlement With Colombian Government Over El Roble Property Royalty Dispute, Provides Title Renewal Update


Toronto, Ontario – (Newsfile Corp. – January 21, 2022) – Marine Resources Society. (TSXV: MAE) (“Maritime” or the “Company”) is pleased to announce the closing of its previously announced asset sale transaction with Nomad Royalty Company Ltd. (“Nomadic”). Maritime sold part of its royalty portfolio in a number of Canadian exploration projects in Quebec, British Columbia and Ontario to Nomad for US$700,000, which was satisfied by the issuance of 96,818 shares ordinary Nomad. As part of the asset sale process, a right of first refusal associated with one of the sold royalties was exercised and the applicable royalty was sold for approximately $375,000, the Canadian dollar equivalent of $300,000 US.

Garett Macdonald, President and CEO of Maritime, said: “This deal realizes the value of our royalty portfolio today while providing upside exposure through an equity position in Nomad, one of fastest growing royalty companies in the industry.

On Marine Resources Society.

Maritime holds a 100% interest, directly and subject to option agreements allowing it to acquire 100% ownership, in the Green Bay property, including the former Hammerdown gold mine and the Orion gold project as well as the Whisker Valley exploration project, all located in the Baie Verte Mining District near the town of King’s Point, Newfoundland and Labrador. The Hammerdown gold project is characterized by narrow, nearly vertical, mesothermal quartz veins containing gold associated with pyrite. Hammerdown was last mined by Richmont Mines between 2000 and 2004.

On behalf of the board:

Garett Macdonald, MBA, P.Eng.
President and CEO

For more information, please contact:

Tania Barreto, CPIR
Head of Investor Relations
1900-110 Yonge Street, Toronto, Ontario M5C 1T4.
www.maritimeresourcescorp.com

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Caution Regarding Forward-Looking Statements:

Certain of the statements made and information contained in this document is “forward-looking information” within the meaning of National Instrument 51-102 – Continuous disclosure obligations. Forward-looking statements are often identified by words such as “will”, “may”, “should”, “anticipate”, “expect”, “intend”, “indicate”, “expect” and similar expressions. Forward-looking statements include statements regarding the expected closing of this asset sale agreement, the potential for increases in mineral resource and mineral reserve estimates, the company’s decision to restart the project, the company’s plans regarding the deep extension of the deposit at Hammerdown, the Company’s plans for the completion of additional fill and grade control testing as part of the PEA mine plan, the Company’s plans for drill targets previously identified, the expected timing of provincial environmental assessment approval for Hammerdown and the Company’s activities related to the Nugget Pond gold circuit, including the receipt of certain approvals related to these activities, among others, which involve risks known and unknown, uncertainties and other factors that may cause results, performance or achievements to Actual Company or industry results may differ materially from any future results, performance or achievements expressed or implied by such forward-looking information. All forward-looking statements and forward-looking information are based on reasonable assumptions made in good faith by the Company as of the date of such information. These assumptions include, but are not limited to, the expected price and costs of recovering base metal concentrates, gold and silver, the presence and continuity of these minerals at modeled grades and values, the capabilities of various machinery and equipment, the use of ore sorting technology will produce positive results, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, etc. Forward-looking information is subject to a variety of risks and uncertainties that could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the Company’s ability to continue to be able to access the capital markets for financing necessary to acquire, maintain and advance exploration properties or business opportunities; global financial conditions, including the market reaction to the coronavirus outbreak; competition within the industry to acquire attractive properties or new business opportunities, and competition from other companies with greater technical and financial resources; difficulties in progressing towards a development decision at Hammerdown and in executing exploration programs on its properties in Newfoundland and Labrador according to the schedules proposed by the Company and within the limits of its cost estimates, whether in due to weather conditions, availability or interruption of electrical power, mechanical equipment performance problems, natural disasters or pandemics in the areas in which it operates; increasingly stringent environmental regulations and other restrictions on permitting or maintaining title or other factors relating to the exploration of its properties, such as the availability of essential supplies and services; factors beyond the Company’s ability to anticipate and control, such as the marketability of mineral products produced from the Company’s properties; the uncertainty as to whether the acquisition of the Nugget Pond gold circuit will be completed in the manner currently contemplated by the parties; uncertainty as to whether Mineral Resources will ever be converted into Mineral Reserves once economic considerations are applied; the uncertainty of whether Inferred Mineral Resources will convert to the categories measured and indicated by further drilling, or to Mineral Reserves, once economic considerations are applied; governmental regulations relating to health, safety and the environment, as well as the scale and extent of royalties and taxes on production; and the availability of experienced contractors and professional personnel to perform work in a competitive environment and the resulting adverse impact on costs and performance and other risks and uncertainties, including those described in each MD&A on financial condition and results of operations. In addition, forward-looking information is based on various assumptions, including, without limitation, assumptions associated with exploration results and costs and the availability of materials and skilled labor. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may differ materially from those described in the forward-looking statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking information. Except as required by applicable securities laws, Maritime undertakes no obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange (“TSX-V”) nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111200









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