Apr 16, 2012 (ACCESSWIRE-TNW via COMTEX) — Vancouver, BC, April 16, 2012 – Vatic Ventures Corp (the “Company” or “Vatic”) is pleased to announce that it has entered into an agreement (the “Option Agreement”) with Minera Meridian Minerales S.R.L. de C.V. (“Minera Meridian”) whereby the Company has acquired the right to earn an undivided 100% interest in and to certain mineral claims located in Sinaloa, Mexico. The claims are called the La Silla claims. The property is located some 65 km north of Mazatlan in the State of Sinaloa and encompasses about 14,426.7 hectares. It is part of the Trans Mexican Volcanic Belt. Some parts of these structures have been historically mined on a small scale.
In 2000 Minera Meridian identified 31 structures on the property. Between 2002 and 2004, 99 reverse circulation holes were drilled in 14 of the 31 structures.
Under the terms of the Option Agreement, Vatic is required to issue 3,000,000 shares to Minera Meridian on closing and pay $100,000. Vatic is also required to issue 1,500,000 shares on the first anniversary of the closing and a further 1,000,000 shares on each of the second and third anniversaries. In addition, cash payments of $100,000 are required on each of the first, second and third anniversaries of closing as well. Finally, Vatic has minimum work commitments of $500,000 in the first year, $1,500,000 in the second year, $2,500,000 in the third year and $3,500,000 in the fourth year. After fulfillment of all of the above terms, Vatic will have earned a 70% interest in the property.
In order to acquire the remaining 30% interest, Vatic must make a final payment of 3,000,000 shares and $750,000 to Minera Meridian. Should Vatic elect not to exercise this additional option, Minera Meridian has a back-in right to increase its ownership to 70% by paying Vatic three times its exploration expenditures.
In connection with the foregoing, Minera Meridian: (i) has the right to participate in any of Vatic’s future fundings to maintain a maximum 15% ownership in Vatic; (ii) retains a 2% NSR on commercial production; and (iii) may, at its sole option, nominate one director to Vatic’s Board of Directors.
Mr. Nasim Tyab, President of Vatic Ventures comments: ‘We are very pleased to acquire this property which has excellent exploration upside. Together with our previous acquisition of the La Silla West property, which surrounds La Silla entirely, we have a significant land area of approximately 43,000 ha to explore. Unlocking the gold and silver potential of these numerous structures to the benefit of our shareholders in a speedy manner is our foremost goal’.
Closing of the transaction is subject to the acceptance of the TSX-V.
ABOUT VATIC VENTURES CORP.
Vatic Ventures Corp ( www.vaticventures.com ) is a junior exploration company developing high yield precious metal projects throughout North America. Focusing on high yield gold and silver projects, Vatic Ventures currently holds two projects, the BM property in the Spences Bridge Gold Belt near Merritt, BC and has a Lease/Option-to-Purchase Agreement for the La Silla West property near Mazatlan. The Company continues to explore new opportunities and prospects. ON BEHALF OF THE BOARD OF DIRECTORS
The TSX Venture Exchange has not reviewed and does not accept responsibility for the contents of this news release. Some of the statements contained in this release are forward-looking statements. Forward-looking statements include but are not limited to, our ability to unlock gold and silver potential and our ability to close this transaction and obtain regulatory approval; and earn an interest in the property. Although the Company believes that its expectations reflected in the forward-looking statements are reasonable, such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Various factors could cause actual results to differ from these forward-looking statements including the potential that the Company’s projects will experience technical and mechanical problems, our inability to fund ongoing payments or work programs, out inability to obtain permits, geological conditions and other risks not anticipated by the Company or disclosed in the Company’s published material, and we may not be able to complete the agreement because of conditions precedent failing to be fulfilled. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. The Company assumes no responsibility to update this forward looking information except as required by law. The information contained herein does not constitute an offer of securities.
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.