October 4th, 2013 - Equitas Resources Corp. (TSX-V: EQT) (“Equitas”) announces that it has amended the Acquisition Agreement (the “Acquisition Agreement”) originally announced August 17, 2010, whereby Equitas was granted the option to acquire up to a 100% interest in the Roy Showing, located adjacent to the Company’s Day Showing in the Toodoggone region of British Columbia (the “Property”). An Amending Agreement setting forth the amendments to the Acquisition Agreement was executed between the Vendor and Equitas (the “Amending Agreement”).
Under the terms of the Amending Agreement, Equitas has an option to earn a 100% interest in the Roy Showing by making cash payments totaling $131,000. The Company has made payments to date of $46,000, with remaining payments of $25,000 due by October 31, 2014, and $60,000 due by October 31, 2015. While the overall terms of the Acquisition Agreement remain the same (see Equitas news release dated August 27, 2010 for additional details), the total amount payable has been reduced by $50,000 and the schedule of payments has been extended by one year. The Amending Agreement remains subject to any required regulatory approvals, including the approval of the TSX Venture Exchange.
The Company continues to evaluate all available strategic options including potential joint venture or option of the Day Copper-Gold Porphyry Project to a strategic partner. No definitive agreement on the Day project has been reached and discussions are on-going. It remains the Company’s position that market conditions are presenting a unique opportunity to increase net asset value through asset acquisition. The Company has diligently reviewed numerous opportunities and has narrowed its focus down to those assets that meet the Company’s stated exploration objectives.
About Equitas Resources Corp.
Equitas Resources Corp. is a mineral exploration company that specializes in acquiring, exploring and advancing mineral properties. Equitas has a portfolio of base metal and precious metal projects in British Columbia and the Northwest Territories. For more information on the property portfolio and Equitas, please visit www.equitasresources.com.
EQUITAS RESOURCES CORP.
On behalf of the Board
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “anticipate”, “believe”, “plan”, “estimate”, “expect”, and “intend”, statements that an action or event “may”, “might”, “could”, “should”, or “will” be taken or occur, or other similar expressions. Forward-looking statements in this document include statements about the Property, the terms of the Option Agreement, as amended, and Equitas’ ability to meet its obligations under the Option Agreement, as amended. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the need for additional financing; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. Forward-looking statements are made based on management’s beliefs, estimates and opinions on the date that statements are made and Equitas undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.