Currie Rose Resources Inc. (the "Company") (TSX
VENTURE:CUI)(OTCBB:CUIRF)(FRANKFURT:CDVN) -
The Company is pleased to announce it has entered into a letter
agreement with Rock & Stock Investments (Pty) Ltd. ("Rock &
Stock"), of South Africa, dated November 7, 2012, pursuant to which
the Company has agreed to purchase and Rock & Stock has agreed
to sell a 74% interest in the issued capital and securities of
Isibaya Mining Resources (Pty) Ltd. ("Isibaya"). A Black Economic
Empowerment ("BEE") group is the owner of the remaining 26% of
Isibaya.
The cash consideration payable by the Company to Rock &
Stock for the acquisition of the 74% interest is the sum of
US$500,000, payable as to US$100,000 on closing the transaction,
US$150,000 payable on an NI 43-101 compliant Inferred Mineral
Resource of 150,000 ounces of gold or metal equivalent, US$150,000
payable on an NI 43-101 compliant Inferred Mineral Resource of
300,000 ounces of gold or metal equivalent, and US$100,000 payable
on an NI 43- 101 compliant Inferred Mineral Resource of 500,000
ounces of gold or metal equivalent on the properties presently
owned by Isibaya. There is also a US$2 an ounce of gold or
equivalent royalty payable to Rock & Stock on commercial
production.
The Company has also agreed to issue Rock & Stock 7,500,000
shares in its capital and warrants for the purchase of up to
4,000,000 shares of the Company, at a price of $0.10 per share,
exercisable for a period of three years. The terms of the letter
agreement also provide for the appointment of Joshua Hattingh, a
geologist with over 15 years' precious and base metal exploration
and development experience in Africa as a director and Vice
President Exploration of the Company at closing, and for the
granting of incentive options for the purchase of up to 1,000,000
shares of the Company, at a purchase price of $0.10 per share,
exercisable for a period of five years from the date of grant.
The letter agreement provides the Company with a 60 day
diligence period and provides for a more definitive agreement to be
entered into prior to closing. The letter agreement also provides
for the Company to undertake a financing on terms acceptable to
Rock & Stock and the Company. The terms of the transaction are
subsequent to TSX Venture Exchange approval. The transaction is
also subject to various other conditions precedent, including
securing the relevant South African regulatory approvals for the
transactions.
The Company has agreed, subject to TSX Venture Exchange
approval, to pay a finder's fee of 860,000 shares of the Company
and warrants for the purchase of up to 300,000 shares of the
Company, at a purchase price of $0.10 per share, exercisable for a
period of three years to parties introducing Rock & Stock to
the Company.
The parties are required to conclude definitive transaction
agreements incorporating the terms and conditions of the letter
agreement and such other terms as would be found in a transaction
of this nature on or before 31 January 2013.
Isibaya has three Project areas:
1. Uitvalgrond PGE-Chromite Project
This project covers part of the Eastern limb of the
BushveldComplex near Lydenburg situated 250 km north-east of
Johannesburg covering both the north and south strike extensions of
the Everest South (Chromite/Platinum) mine operated by Aquarius
Platinum (AQP-ASX). Uitvalgrond has never been drilled and first
pass drilling will target both PGE and Chromite minerals associated
with the Merensky, UG2 and other Critical Zone Reefs. The Company
will be in a position to commence drilling within 30 days after
closing.
2. Sondzela Gold & Base Metal Project
Situated in the Barberton Greenstone belt, this project covers a
number of prospects including the historic:
-- Three Sisters historic Gold mine which extends underground for over 1km
and down to 15 levels with extensive remnant gold mineralization;
-- The historic Bien Venue former Anglo American Volcanic Hosted Massive
Sulphide (VHMS) prospect with potential for gold, silver, copper, lead
and zinc;
-- The historic Figaro Gold Mine with an anomaly extending over 3km strike
length and 700m wide with potential to host gold, zinc, lead, copper and
silver.
3. Steinkopf Uranium Project
This project is situated in the Northern Cape region of South
Africa. The target area is immediately adjacent to the historical
Anglo American Henkries uranium deposit and is the least explored
of the acquired package but represents a project area with high
potential based on its proximity to known uranium
mineralisation.
Rock and Stock is a Geological Consulting firm who have worked
extensively in the Bushveld as well as gold and base metal projects
in the region and they will oversee the exploration activity adding
their vast experience to the exploration effort.
www.rockstock.co.za
Harold Smith said, "The Isibaya acquisition represents a
significant step for the Company. The quality of the assets and the
ability to drill untested targets either side of the Everest South
Chrome/PGE deposit is very attractive to the Company. Joshua and
his team will add significant horse power to the Company and its
ability to deliver planned work programs. Coupled with the
excellent infrastructure and mining culture of South Africa we see
this project developing over the next year into a substantial
asset."
BY ORDER OF THE BOARD OF DIRECTORS OF CURRIE ROSE RESOURCES
INC.
Harold Smith, President
"This news release includes certain forward-looking statements
or information. All statements other than statements of historical
fact included in this release, including, without limitation,
statements relating to the potential mineralization and geological
merits of the and properties and other future plans, objectives or
expectations of the Company are forward-looking statements that
involve various risks and uncertainties. There can be no assurance
that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results
to differ materially from the Company's plans or expectations
include risks relating to the actual results of current exploration
activities, fluctuating gold prices, possibility of equipment
breakdowns and delays, exploration cost overruns, availability of
capital and financing, general economic, market or business
conditions, regulatory changes, timeliness of government or
regulatory approvals and other risks detailed herein and from time
to time in the filings made by the Company with securities
regulators. The Company expressly disclaims any intention or
obligation to update or revise any forward-looking statements
whether as a result of new information, future events or otherwise
except as otherwise required by applicable securities
legislation."
The planning, execution and monitoring of quality control
programs on the Company's projects are under the supervision of
Michael Griffiths, BSc Dip Ed, FAusIMM, GAICD, Currie's Director.
Mr. Griffiths is the qualified persons as defined by National
Instrument 43-101. Currie utilizes an industry standard QA/QC
protocol with respect to sampling procedures. Blanks, and certified
reference standards are inserted into the sample stream to monitor
laboratory performance and duplicates of pulps and bulk rejects are
also used to monitor laboratory performance. Mr Griffiths has
reviewed and approved the contents of this news release.
Additional information and public documents about Currie, can be
viewed at the Company's website www.currierose.com or at
www.sedar.com.
Neither the TSX Venture Exchange 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.
Contacts: Currie Rose Resources Inc. Harold Smith President
(905) 688-9115 www.currierose.com