July 10, 2014 – Vancouver, British Columbia – Thunderstruck Resources Ltd. (TSX.V: AWE) “Thunderstruck” is pleased to announce that it has entered into a Mineral Property Option and Sale Agreement with Aljen (Pacific) Limited (the “Vendor”), pursuant to which Thunderstruck has the option to acquire 100% of the rights, title and interest in the Vendor’s portfolio of base metal and gold properties located on the island of Viti Levu, Fiji (the “Properties”).
The two flagship base metal Volcanogenic Massive Sulphide (“VMS”) projects, Nakoro and Wainaleka were drilled by Anglo American in the 1970’s. Both prospects have diamond drill intercepts, including 6.2m @ 1.8%Cu, 12% Zn (WLK1A), 9.7m @ 2.3% Cu, 5.5% Zn (WLK4), and 12m @ 12.7% Zn, 0.3% Cu (NKD2).
To exercise its option to acquire a 100% interest in the Properties, Thunderstruck must pay an aggregate of A$600,000 to the Vendor and issue an aggregate of 1,500,000 common shares to the Vendor, during a period of up to three years. In addition, at its discretion, Thunderstruck has agreed to incur minimum exploration expenditures on the Property of A$1,500,000 during the term of the option. All dollar figures are in Australian currency)
Thunderstruck had previously investigated acquiring the Properties in 2013 and did announce a tentative acquisition agreement by way of a news release dated October 21, 2013. That previous transaction called for a cash payment of A$140,000 and the issuance of an aggregate 19,900,000 common shares (inclusive of negotiated finder’s fees).
Bryce Bradley, Thunderstruck’s President and CEO, stated, “We are very pleased we were able to revisit this opportunity and acquire these properties directly from the Vendor under significantly more favourable terms. Our shareholders have been very patient as we’ve worked diligently for them to find and acquire quality mining assets for fair value, and we are confident that this acquisition meets expectations. Our technical team has undertaken a comprehensive review of the Properties, including data from historic drilling, geophysical and geochemical work. Our initial focus will be on the two VMS prospects, Nakoro and Wainaleka, although the Properties also have potential for gold and copper-gold porphyries.”
Completion of the transaction is subject to a number of conditions, including, but not limited to completion of a 90-day due diligence review by Thunderstruck, the results of which must be satisfactory to Thunderstruck and the Vendor in their sole discretion. The agreement was negotiated at arm’s length. The principals of the Vendor are Alan and Jenny Wolstencroft of Australia. All shares to the Vendor will be subject to four month resale restrictions in accordance with the Canadian securities legislation and the policies of the Exchange.
In conjunction with the transaction, Thunderstruck will undertake a concurrent non-brokered private placement, pursuant to which it will expect to raise sufficient funds to meet all of its contractual obligations for the next 12 months. Additional details of the private placement will be announced in a subsequent news release.
Upon completion of the transaction, a finder’s fee may be paid in common shares of Thunderstruck, to an arm’s length party for introducing Thunderstruck to the Vendor, in compliance with TSXV policies and subject to Exchange approval.
There will not be any change to the board of directors or officers of Thunderstruck as a result of this transaction.
For additional information, please contact:
Bryce Bradley, President, Chief Executive Officer and Director
Telephone: (604) 349-8119
Or visit the website www.thunderstruck.ca
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain statements that may be deemed “forward-looking statements. Although Thunderstruck believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Specifically, there is no assurance (i) the option agreement will be closed on the terms outlined above, or at all; (ii) the private placement will be closed; (iii) TSX Venture Exchange approval will be received; (iv) Thunderstruck will exercise the option on the terms outlined above, or at all; or (v) the optioned properties will prove to contain any ore that can be mined economically. Forward looking statements are based on the beliefs, estimates and opinions of Thunderstruck’s management on the date the statements are made. Except as required by law, Thunderstruck undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.