Vancouver, BC, Oct. 04, 2022 (GLOBE NEWSWIRE) -- Aben Resources Ltd. (TSX-V: ABN) (OTCQB: ABNAF) (Frankfurt: E2L2) (“Aben” or “the Company”) is pleased to announce that the Company has entered into an option agreement (the “Agreement”) with Rackla Metals Inc. (“Rackla”) whereby the Company has granted Rackla the option to acquire a 100% interest in the Hit Property, which consists of 24 mineral claims, located in the Yukon Territory, Canada (the “Property”).
Under the terms of the Agreement, Rackla may acquire a 100% interest in the Property by completing the following:
(a) paying CAD$25,000 cash to the Company within three (3) business days following the closing date; and
(b) within twelve (12) months following the closing date:
(i) paying CAD$25,000 cash to the Company,
(ii) issuing 250,000 common shares in the capital of Rackla to the Company, and
(iii) incurring a total of CAD$100,000 in Qualified Expenditures on the Property.
The Company shall retain a NSR of one-half percent (0.5%) on the Property. Rackla will assume the Company’s obligation to pay a 2.0% net smelter returns royalty (the “Existing Royalty”) to Sandstorm Gold Ltd. pursuant to the Net Smelter Returns Royalty Agreement between Aben and Sandstorm Gold Ltd. dated October 17, 2019.
About Aben Resources:
Aben Resources is a well-funded Canadian gold and graphite exploration company with exploration projects in British Columbia, Ontario, and the Yukon Territory.
ABEN RESOURCES LTD.
JAMES G. PETTIT
President & CEO
Neither 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.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information