VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/25/17 -- ALTAIR RESOURCES INC. ("Altair" or the "Company") (TSX VENTURE: AVX)(FRANKFURT: 90A) (ISIN: CA02137W1014) (WKN: WKN A2ALMP) - Mr. Harold (Roy) Shipes, President and CEO, is pleased to announce that the Company has acquired a Lease and Option to Purchase ("Lease/Option") over the Prince zinc-lead-silver-manganese Mine located near Altair's Caselton 2,000 tpd processing facility, Pioche Mining District, Lincoln County, Nevada, USA.
The Lease/Option was originally held by International Silver Inc., a private Arizona corporation ("ISI") pursuant to a lease and option to purchase agreement dated November 6, 2010 between ISI and Prince Mine LLC, a private Nevada corporation ("Prince"). Under the original agreement, ISI leased the project at a cost of US$50,000 per year with an option to purchase the mine for US$2,750,000 (with previous lease payments being applied to the purchase price). Under the terms of an assignment agreement between IMI and Altair: (a) the Lease/Option will be assigned to Altair; (b) Altair will pay Prince US$200,000 representing unpaid lease payments for 2013-2016, by November 2017, and complete reclamation of drill sites cleared in 2012 (cost estimated at less than US$20,000); and (c) the Lease/Option will be extended to November 1, 2022. Once assigned, the Lease/Option will continue in effect with annual lease payments of US$50,000 with an option to purchase the project at any time in consideration of US$2,750,000 (less previous lease payments). Harold Shipes, Altair's President and CEO is a director, officer and shareholder of ISI and accordingly, this transaction is not an arm's length transaction.
The property includes 227 acres of patented surface and mineral rights contained in 12 patented mineral claims. The property has historical workings including a shaft to 850 feet (259m) and several levels of drifts.
Altair anticipates that the Prince Mine will provide additional mill feed for the recently acquired 2,000 tpd Caselton concentrating plant located only 1.5 miles (2400m) to the north. Said Mr. Shipes, CEO, "This acquisition is part of our strategy to develop our holdings in Nevada and to ensure we have identified other properties which can provide feed for the Caselton mill which we have under contract."
The Company will be conducting initial exploration work on this property and further news on this acquisition will be forthcoming. The technical information in this Press Release has been reviewed and approved by Dr. Stewart A. Jackson, PGeo., a Qualified Person under National Instrument 43-101, and a Technical Advisor to the Company.
To learn more about Altair, please visit http://altairresources.com.
ON BEHALF OF THE BOARD,
Harold Shipes, 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.
Altair Resources Inc.