TMX Terrain Elects to Acquire Rembrandt Terrain elects to...

TMX
Terrain Elects to Acquire Rembrandt

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Terrain elects to acquire Rembrandt Mining
HIGHLIGHTS
• Terrain elects to acquire Rembrandt Gold Project
• Low cost acquisition represents significant value for Terrain
• Planning of further exploration underway
Terrain Minerals Ltd (ASX: TMX)("Terrain" or "the Company") is pleased to announce that it has elected to proceed with the acquisition of the Rembrandt Gold Project. On the 16th of September 2015, Terrain announced that it had entered into an option to acquire Rembrandt Mining Pty Ltd. The condition precedent to proceeding with the transaction was the completion of a minimum $25,000 exploration program across the Project. The condition precedent has been completed and the associated drilling program yielded sufficiently positive results for Terrain to elect to proceed with the acquisition.


Acquisition Terms:
Terrain has elected to proceed with the acquisition of Rembrandt Mining Pty Ltd ("Rembrandt") for $1.00 consideration. Terrain agreed with the shareholders of Rembrandt Mining Pty Ltd that they, or their nominee, upon Terrain’s election to proceed with the acquisition, were to receive a free carried profit share from any mining operations across the Project area. Profit share structure was agreed as:
i. 25% Free carried profit share for up to 15,000 ounces of gold produced
ii. 15% Free carried profit share for in excess of 15,000 ounces of gold produced
iii. 1% Net Smelter Royalty will apply to all material mined other than gold
iv. Both parties to maintain a mutual first right of refusal over each respective party’s interest in the Project
v. Rembrandt to retain prospecting rights
FOR FURTHER INFORMATION CONTACT:
Justin Virgin
Executive Director
Terrain Minerals Limited
Email: [email protected]
Tel: +61 8 9381 5558