February 24, 2017, Vancouver, British Columbia, Canada: Brakpan Ventures Corp. (the “Company” or “Brakpan”) is pleased to announce that it has entered into an agreement (the “Agreement”) to acquire a 100% interest in the Blackbird Creek Project located in the Idaho Mineral Belt in Lehmi County, Idaho, USA (the “Property”). The claims (the “Lode Claims”) are located approximately 70 kilometers Southwest from Salmon, Idaho. The 71 Lode Claims encompass approximately 1400 acres.
Under the terms of the Agreement, to earn a 100% interest in the Property, Brakpan has agreed to pay the Vendors a $25,000 deposit and the remaining $125,000 and 6,000,000 shares to the Vendors upon receipt of regulatory approval. The Vendors will receive a 2.0% Net Smelter Return (the “NSR”). The Purchaser may at any time acquire 1.0% of the NSR from Vendors in accordance with the NSR acquisition terms in the Agreement).
The Company also wishes to announce the appointment of Paul J. DesLauriers as Director of the Company. Mr. Paul J. DesLauriers is a Principal at Loewen Ondaatje McCutcheon Limited, a Canadian investment dealer of which he was a co- founder in 1970. He has been active in the Canadian investment industry since 1962 in research, institutional coverage and corporate finance in Toronto and Montreal. In 1986, Mr. DesLauriers was a Founder and a Partner of the Lakewood Capital Group which had a production profile of over 7,500 BOE/PD when it was sold. In 1984, he was a Founder and a Funder of the CMP Group, which was the driver of changes in legislation which resulted in the emergence of the flow- through financing mechanism for the resource sector in Canada. He also served as the Vice Chairman and Governor of the Montreal Exchange. Mr. DesLauriers also served as a Director and Officer of the Montreal Society of Financial Analysts. He served as the Chairman of the Canadian Securities Institute. Mr. DesLauriers obtained a Bachelor of Arts in Literature and Bachelor of Commerce degree in Finance from Concordia University in 1962 and 1967 respectively.
The Company has accepted the resignation of Mr. Jim Chapman as Director effective February 24, 2017. The Board of Directors wishes to express its gratitude to Mr. Chapman for his contributions to the Company and to wish him well with his future endeavors.
The Company would also like to announce that it has set aside an aggregate of 500,000 incentive stock options to its Directors and Officers to purchase shares of the Company at an exercise price of $0.05 per share for a period of five years.