Montreal, Quebec /September 25, 2014 / St-Georges Platinum & Base Metals ltd (OTCQX: SXOOF) (CSE: SX) (FSE: 85G1) is pleased to announce that it has entered into an agreement to acquire the exclusive rights to the Poissons Blancs Nickel-Copper-Cobalt Property in Quebec from Khalkos Exploration Inc. (TSX-V:KAS).
The Poissons Blancs Property
The property consists of 93 contiguous mineral claims for a total area 5225 hectares located in the Saguenay Lac St-Jean region. The deposit was discovered in the 1970’s with most exploration work carried out at the end of the 1980’s. It is deemed to contain historic resources of 5.9 million tonnes at a grade of 0.21% Nickel, 0.11% Copper and 0.03% Cobalt (non-NI 43-101 compliant).
To acquire the Poissons Blancs property, St-Georges Platinum agreed to issue 800,000 shares of its capital over a period of 4 years starting in the Fall of 2015. Furthermore St-Georges agreed to transfer to Exploration Khalkos Inc. the Cooper Lake Project (Villebon East) which is comprised of 9 mineral claims in Abitibi, Quebec.
The parties agree to establish the commercial value of the Cooper Lake Claims and the Poissons Blancs Property at CAD450,000 each. A 1.0% NSR in favour of each company was assigned to their respective properties, the latter being exercisable at any time and half of the royalty can be purchased for the sum of CAN $500,000. St-Georges will establish an exploration strategy for this project and will be planning some exploration work for next spring and summer.
OTHER CORPORATE MATTERS
Julie Nickel-Copper-Cobalt & PGE Project
The Company has initiated permitting for a medium size drilling campaign along the section of its project referred to as the Julie Corridor. Samples from the fall 2013 surface campaign (channel cuts and surface drill cores) will be ready for lab analysis later this fall. St-Georges’ geological team is planning a campaign in two phases aimed at maximizing the project value. The first phase would be limited to a shallow drilling campaign targeting the 1.8 km corridor mineralized at surface. The goal of this campaign is to test for nickel mineralization at depths of maximum 50 meters along the 1.8 km target zone.
A second drilling and mapping phase of larger magnitude is planned to follow in early spring of 2015.
The Company is reviewing its options for Isoukustouc. Different groups have shown interest and limited due diligence has been initiated. At this time there is no serious discussions regarding either a sale, option or Joint-Venture on this project and the Company is still entertaining any third party proposal that would bring value to its shareholders.
Zambian Copper-Cobalt Acquisition
The Company is still involved in negotiations to acquire one or more large projects in Zambia near or in production. Different local vendors have shown renewed interest to enter a beneficial agreement with St-Georges but the Company’s management considers these discussions as “early-stage” and cannot comment on when or if they will have a positive conclusion in the short term.
Robert Gagnon, P.Geo is the independent qualified person who reviewed the geological information contained in this press release.
ON BEHALF OF THE BOARD OF DIRECTORS
Joel Scodnick, P.Geo
St-Georges is a Platinum-Palladium & Nickel explorer with projects in the Province of Quebec, Canada. Headquartered in Montreal, the Company’s stock is listed on the CSE under the symbol SX, on the OTCQX under the Symbol SXOOF and on the Frankfurt Stock Exchange under the symbol 85G1. Its Flagship project is the Julie Nickel-Cobalt & Platinum Project on Quebec’s North Shore near the deep-seaport town of Baie-Comeau.
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.