Bowpark Exploration (Ireland) Ltd. Option Agreement
- Bowpark Exploration (Ireland) Ltd. Option Agreement
- Share Consolidation and Debt Settlement
- Private Placement
Playfair Mining is pleased to announce that it has entered into an Option Agreement to acquire up to a 100% interest in Bowpark Exploration (Ireland) Ltd. subject to TSX-V acceptance. Bowpark is a private company registered in Ireland and holds as its sole asset 3 contiguous prospecting licenses over the Ox Mountains in County Sligo, Ireland. Reconnaissance prospecting of the 3 licenses has provided exciting evidence of gold mineralization in float boulders in a virtually unexplored area containing 20 kilometers of strike length of the same major geological structure as Dalradian’s multi-million ounce Curraghinalt deposit.
Under the terms of the Option Agreement, Playfair may acquire a 90% interest in Bowpark by expending $2,280,000 directly on exploration and delivering 1,800,000 shares of Playfair to the current owners of Bowpark, exercisable over 4 stages. Playfair may acquire the final 10% by paying the current owners $1,000,000 in cash (or equivalent value of Playfair shares at Playfair’s election) and grant a 3% NSR, of which Playfair may purchase up to one-third (i.e. 1%) for $500,000 per 0.5%.
Playfair will earn the first 25% by paying $380,000 in exploration costs and issuing 200,000 shares.
All cash payments made to Bowpark will be used for exploration on the Ox Mountain Project. Work programs will be jointly developed by Playfair and the current owners of Bowpark, and will be managed by Playfair. Each successive payment made to Bowpark will increase Playfair’s ownership in Bowpark while diluting the interests of the current owners.
Richard Parker and Andy Bowden are the current owners of Bowpark and are both experienced geologists. Andy Bowden has over 40 years’ experience in exploration for a wide variety of metals mainly in Ireland. He was responsible for the discovery of the Galmoy R-zone at the Galmoy zinc mine in Ireland. He currently sits on the Board of Directors for the Institute of Geologists of Ireland. Richard Parker has over 40 years’ experience as a mineral exploration geologist and directed programs resulting in the discovery of the Cononish gold deposit in Scotland and the Tatestown zinc deposit in Ireland. He has worked in over 40 countries.
Playfair’s management looks forward to contracting both Richard Parker and Andy Bowden to carry out and oversee the approved exploration programs.
Share Consolidation and Debt Settlement
Playfair intends to consolidate its issued and unissued common share capital on the basis of 10 old shares for 1 new share. Following the consolidation the Company intends to effect a debt settlement of up to $350,000. Any shares paid in conjunction with the acquisition of Bowpark will be issued post- consolidation. The consolidation and debt settlement are subject to TSX-V acceptance.
Post-consolidation, the Company will proceed with a private placement financing of up to $1,000,000 subject to TSX-V acceptance.
Visit our website at www.playfairmining.com for more information on Playfair’s properties.
ON BEHALF OF THE BOARD
“D. N. Briggs”
D. Neil Briggs, Director