Musgrove Minerals Grants Payment Schedule Amendment to Konnex R
FSC / Press Release
Musgrove Minerals Grants Payment Schedule Amendment to Konnex Resources
Vancouver, British Columbia CANADA, February 15, 2013 /FSC/ - Musgrove Minerals Corp. (MGS - TSX Venture, MGSGF - OTC MGSGF)("Musgrove" or the "Company")announces that it has agreed to amend the payment schedule for the Empire Mine Option Agreement with Konnex Resources Inc. ("Konnex") first announced on April 27, 2012. Under the original terms of the agreement, Musgrove will receive a total of $1,490,000 cash and $350,000 of Konnex stock (see full details of the deal including a breakdown of the payment schedule news released and filed on Sedar on April 27, 2012.
Of the $1,490,000 cash commitment the Company has received $290,000 thus far. The next scheduled payments of $250,000 and $725,000 were to be made in February and May 2013.
Due to difficult market conditions, Konnex has asked the Company to amend the timing of the payments by extending the payment terms over a longer time period as per below. The total amount of cash to be paid to the Company, as per the original agreement, remains unchanged.
1) Cash Payment Schedule to earn Payment 95% interest
Upon execution of the letter of intent $40,000 (PAID)
Upon acceptance by the $200,000 (PAID) TSX Venture exchange
Within 60 days of acceptance by the $50,000 (PAID) TSX Venture exchange
Outstanding amount to be paid on or before the following:
April 1, 2013 $25,000 July 1, 2013 $40,000 October 1, 2013 $40,000 January 1, 2014 $40,000 April 1, 2014 $125,000 July 1, 2014 $125,000 October 1, 2014 $125,000 January 1, 2015 $125,000 April 1, 2015 $150,000 July 1, 2015 $180,000
2) To earn an additional 5% interest by July 1, 2015 $225,000
Total cash payments: $1,490,000
3) Payment Schedule for Number of Shares Konnex Sharesto be Issued to Musgrove
On or before the following:
November 9, 2012 150,000 Shares (PAID) April 1, 2013 1,000,000 Shares April 1, 2014 1,000,000 Shares
ON BEHALF OF THE BOARD OF DIRECTORS
OF MUSGROVE MINERALS CORP.
BY ORDER OF THE BOARD "Rana Vig" Rana Vig, President and CEO MUSGROVE MINERALS CORP.
About Musgrove Minerals Corp.
Musgrove Minerals Corp. www.musgroveminerals.com is a mineral-exploration resource company trading on the TSX Venture Exchange (Symbol:MGS). The Company is currently exploring the Musgrove Creek Gold Project, an advanced stage exploration project located in a historic Gold mining district in Idaho, USA and approximately 24 Km (15 mi) from Meridian Gold's past producing Beartrack Mine which produced approximately 600,000 oz of Gold from 1996 - 2001.
The Musgrove Creek Gold Project contains a NI 43-101 Inferred Mineral Resource estimate of 8 million tonnes at 1.22 g/t Au (0.036 oz/ton) at a gold cut-off of 0.8 g/t (0.023 oz/ton). This is equivalent to 313,822 oz (9,761 kg) of gold (Gruenwald and Makepeace, 2004).
Musgrove Minerals also has interest in three (3) other projects - The Vianey Silver Project in Mexico that it recently sold for $325,000 to Grand Peak Capital (GPK); The Jazzy property in Sinaloa Mexico; and, the Empire Mine project - a polymetallic skarn deposit containing copper, zinc, gold and silver located in the Alder Creek Mining District in Custer County, Idaho - that it recently joint ventured to Konnex Resources, currently a private company seeking to go public - owned 18% by Cliffs Natural Resources (CLF:NYSE).
Further information: Rana Vig at (604) 633-2442, or toll free 1-800-667-1442, or via email firstname.lastname@example.org, or by visiting our website at www.musgroveminerals.com
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
FORWARD LOOKING STATEMENTS This press release may contain or refer to certain forward-looking statements relating, but not limited to, Musgrove's expectations, intentions, plans and beliefs with respect to Musgrove. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "does not expect", "is expected", "budget", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or equivalents or variations, including negative variations, of such words and phrases, or state that certain actions, events or results, "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. Forward-looking statements rely on certain underlying assumptions that, if not realized, can result in such forward-looking statements not being achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of Musgrove to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Although Musgrove has attempted to identify important factors that could cause actual actions, events or results or cause actions, events or results not to be estimated or intended, there can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Other than as required by applicable Canadian securities laws, Musgrove does not update or revise any such forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events. Accordingly, readers should not place undue reliance on forward-looking statements.
This press release is available in PDF. Please click on the following link to view the PDF file: http://www.usetdas.com/pr/musgrovefeb152013.pdf
Provider ID: 00021116 -0- Feb/15/2013 22:15 GMT