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     291  0 Kommentare Balmoral Receives First Option Vesting Notice From GTA on Northshore Property, Ontario

    VANCOUVER, BC--(Marketwired - July 16, 2014) - Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX: BAR) (OTCQX: BALMF) reported today that it has received First Option Vesting Notice under the Northshore Property Agreement ( the "Agreement"; see NR11-17; July 27, 2011) from GTA Resources and Mining Inc. ("GTA") (TSX VENTURE: GTA). Under the terms of the Agreement GTA, who have been the operator on the property since 2011, have the right under the First Option to earn a 51% interest in the Northshore Property from Balmoral subject to making a series of cash and share payments and completing $2,500,000 in expenditures on the Property. Balmoral has received the required cash and share payments and is currently reviewing the expenditure statement provided by GTA which, if accepted, will trigger formal vesting of GTA's First Option Interest in the Property. The Company anticipates it will complete its review within the next 10-12 days.

    Under the terms of the Agreement, GTA will have 30 days from vesting of the First Option Interest (51%) to decide whether or not to proceed with a Second Option and acquisition of an additional 19% interest in the Northshore Property. Should GTA decide to proceed with the Second Option it will immediately deliver to Balmoral $100,000, 1.0 million common shares and be required to undertake $3.0 million in additional expenditures on the Northshore Property over the next 24 months in order to vest the Second Option Interest. If GTA elects not to proceed with the Second Option a 51/49 participatory joint venture will be formed with respect to further work on the Northshore Property, with GTA as the initial operator.

    Located immediately south of the town of Schreiber, Ontario in the Hemlo Greenstone Belt, the Northshore Property is home to the Afric Gold Zone and former producing Northshore gold mine. Balmoral currently controls approximately 11.4% of the issued and outstanding common shares of GTA.

    About Balmoral Resources Ltd. - www.balmoralresources.com
    Balmoral is a Vancouver-based precious metal exploration and development company focused on delineation of both high-grade gold and nickel-copper-PGE discoveries on its wholly owned Detour Gold Trend Project located in Quebec, Canada. With a philosophy of creating value through the drill bit and with a focus on proven productive precious metal belts, Balmoral is following an established formula with a goal of maximizing shareholder value through the discovery and definition of high-grade gold assets.

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    Balmoral Receives First Option Vesting Notice From GTA on Northshore Property, Ontario VANCOUVER, BC--(Marketwired - July 16, 2014) - Balmoral Resources Ltd. ("Balmoral" or the "Company") (TSX: BAR) (OTCQX: BALMF) reported today that it has received First Option Vesting Notice under the Northshore Property Agreement ( the …