March 18th, 2016 – Toronto, Ontario – Matica Enterprises Inc. (MMJ – CSE) (39N – Frankfurt) (MQPXF – OTC) (“Matica” or the “Company”) is pleased to announce that Matica has entered into a letter to intent with Cache Exploration Inc. (TSX-V: CAY) to option the McGee Lithium Project in Nevada. The McGee Lithium Project is located adjacent to Pure Energy’s Clayton Valley project and south of the Silver Peak Lithium Mine, which has been in production since 1966 and is the only lithium brine production operation in North America.
Cache will be deemed to have earned an initial 60% interest for completing the following requirements within three years of TSX Venture approval:
- by making cumulative exploration expenditures of US$350,000 equivalence
- by making an initial payment of $15,000 in cash or shares within 30 days of TSX Venture Exchange approval
- by making a payment of $75,000 in cash or shares on the first anniversary of TSX Venture approval
- by making a payment of $75,000 in cash or shares on the second anniversary of TSX Venture approval
The cumulative exploration expenditures will include repayment to Matica of the US$17,500 expenditure already incurred by Matica and any additional payments required to maintain the underlying option agreement and claims in good standing.
After completing the initial 60% earn-in, Cache will be entitled to increase its interest to 70% by making a payment of $150,000 in cash or shares within one year of earning the initial 60% interest. Cache will then have the right to increase its interest to 80% by making a further payment of $150,000 in cash or shares within one year of increasing its interest to 70%. Cache are appointed the managers of the project and as such are entitled to charge a 10% management fee on the exploration expenditures that are made on the project. The existing rights to purchase any of the underlying property royalty from the original property vendors will be owned proportionately to the property interests as held between Cache and Matica.
As news released March 3, 2016, Matica has signed an agreement to acquire a 100 per cent interest in the McGee Lithium Project located in the south-eastern Clayton Valley. The property consists of thirty three placer claims of twenty acres each and six claims of eighty acres each totalling approximately 1,140 acres.
Boris Ziger, Matica CEO states: “This option agreement will allow the McGee Lithium Project to be advanced to active exploration at no additional expense to Matica. Matica looks forward to a successful venture with Cache Exploration Inc.”
For more information on Matica Enterprises please visit the website at: www.westislandbrands.com.
On behalf of the Board of Directors
MATICA ENTERPRISES INC.
Boris Ziger, CEO & Chairman
The Company’s public filings are available for review at www.sedar.com and www.thecse.com.
For further information, please contact Boris Ziger, Chief Executive Officer, at:
Disclaimer for Forward-Looking Information
Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Corporation assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Corporation. Additional information identifying risks and uncertainties is contained in the Corporation’s filings with the Canadian securities regulators, which filings are available at www.sedar.com.
This news release contains statements about the Company’s information that will be made available on the S&P Capital IQ Corporation Records Listing Program and the business of Matica that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. We seek Safe Harbor.