On behalf of the Board of Directors I am pleased to announce the signing of a Term Sheet setting out the commercial terms of a strategic partnership with British Columbia based public company Delrey Metals Corp. for advancing the exploration and development of the Four Corners Project, as detailed on their News Release attached. The agreed to terms outline the conditions for signing a Definitive Agreement after a 45 day period of due diligence commencing today March 21, 2019.
The Four Corners Project, which is situated along the Burgeo paved highway in western Newfoundland and within 25 km of the Stephenville deep sea port represents a world-class mineral resource as outlined in detail on our website www.triplenineresources.com. Concluding a term sheet agreement with Delrey Metals is an important first step in realizing the economic importance of this mineral resource to Newfoundland and Labrador.
The Board and Management appreciate that this opportunity is a direct result of the strong support received from our shareholders in the province, mainland Canada, the USA and Europe who through their investments have financed the on-going exploration programs, which have demonstrated that the Four Corners Project contains a world-class deposit.
DELREY METALS CORP. (CSE:DLRY, FSE:1OZ, US: DLRYF) ("Delrey" or the "Company") is pleased to announce the signing of a non-binding term sheet (the "Term Sheet") with respect to the right and option to acquire an 80% interest (the "Option") in and to certain mineral licences which comprise the Four Corners Project, as more fully described below (the "Project"), from Four Corners Mining Corporation/Triple Nine Resources Ltd. (the "Optionor") and to establish a joint venture therewith (the "Joint Venture").