|March 31, 2021|
Rhyolite Resources closes acquisition of the Suku Passi Project in Suriname
|VANCOUVER, BC, MARCH 31, 2021 -- Rhyolite Resources Ltd. (the "Company" or "Rhyolite") (RYE-TSXV) is pleased to announce that it has completed the acquisition of all of the outstanding share capital of 2765798 Ontario Ltd. ("ONCorp"), pursuant to the terms of a definitive share purchase agreement entered into with each of the shareholders (collectively, the "Vendors") of ONCorp. ONCorp is a privately-held arms-length company which holds an option to acquire an 70% interest in the Suku Passi Project (the "Project") in Suriname.|
The Vendors received 3,500,000 common shares of Rhyolite in consideration for all of the outstanding share capital of ONCorp (the "Transaction").
"We are delighted with the transformational progress made in the last few months, with the closing of two acquisitions in Suriname that will form our flagship portfolio along with our Paxson gold project in Alaska, positive sampling results at the Brothers Project announced in January, as well as the strengthening of our board and management team with key appointments,” said Richard Graham, President and Chief Executive Officer of Rhyolite.
"We look forward to advancing these strategically-located prospects with the drill bit on a number of defined targets this year."
Highlights of the Suku Passi Project
Highlights of the Transaction
Rhyolite has assumed ONCorp's right to earn up to a 70% interest in the Project, which right is exercisable by completing the following:
Suku Passi concession
Dr. Dennis LaPoint, PhD, is a Qualified Person (QP) under National Instrument 43-101 "Standards of Disclosure for Mineral Projects" and has approved the technical information contained in this news release. Dr. LaPoint is not considered to be independent for the purposes of National Instrument 43-101.
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.
Richard Graham, P.Geol.
About Rhyolite Resources Ltd.
Rhyolite Resources Ltd. is a Canadian-based, opportunity focused, resource company. Utilizing its technical strength and entrepreneurial drive, Rhyolite's corporate strategy is to enhance shareholder value through the acquisition of discovery to production staged projects.
Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws, including, without limitation, statements with respect to exploration, resource potential, production development and permits. Such statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of Rhyolite Resources Ltd., or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements or information including the Company obtaining the approval of the Offering from the TSX Venture Exchange. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict", and other similar terminology, or state that certain actions, events, or results "may", "could", "would", "might", or "will" be taken, occur, or be achieved.
These statements reflect the Company's current expectations regarding future events, performance, and results and speak only as of the date of this news release. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except as required by securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if the Company's expectations regarding future events, performance, or results change.
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