VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 28, 2012) - Pistol Bay Mining Inc. (TSX VENTURE:PST) reports that it has executed an addendum to amend the terms, subject to TSX Venture Exchange approval, of the Roaring River agreement originally announced November 16, 2011. The Company previously executed an option to acquire a 100% interest in a Platinum-Group Element (PGE) property north of Thunder Bay, Ontario.
The original option agreement between the Company and the vendors called for a cash payment of $25,000 on signing and 750,000, shares on TSX Venture Exchange approval, $60,000 and 1,000,000 shares after one year and $75,000 and 1,500,000 shares after two years. Work requirements were $400,000 on or before November 14, 2012, $600,000 on or before December 31, 2013 and $750,000 on or before December 31, 2014. To date, $25,000 has been paid and 750,000 shares were issued. All share issuances mentioned in this paragraph are amounts prior to the consolidation of 1 new share for 20 old shares taking effect.
Under the proposed addendum, post consolidation, the terms would be as follows: cash payments of $15,000 upon approval of the addendum from the TSX Venture Exchange, $30,000 on or before November 14, 2013, and $45,000 on or before November 14, 2014. Issuing to the vendors stock payments as follows: 450,000 shares within five business days from the date the TSX Venture Exchange approves the Addendum, 600,000 shares on or before November 14, 2013; and a further 900,000 shares on or before November 14, 2014. Incurring minimum Exploration Expenditures of $1,750,000 broken down as follows: $400,000 on or before November 14, 2013, $600,000 on or before November 14, 2014 and, $750,000 on or before November 14, 2015.
About Pistol Bay Mining Inc. (TSX VENTURE:PST) is a diversified Junior Canadian Mineral Exploration Company with a focus on precious and base metal properties in North America.
For additional information please visit www.pistolbaymining.com.
On Behalf of the Board of Directors
PISTOL BAY MINING INC.
Charles Desjardins, President and Director
This report contains forward looking statements. Resource estimates, unless specifically noted, are considered speculative. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.
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.
Pistol Bay Mining Inc.
President and Director
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