COLORADO RESOURCES LTD. (TSX-V: CXO) (“Colorado” or the “Company”) is pleased to announce that the TSX Venture Exchange has accepted the filing documentation relating to the Company’s agreement to purchase the remaining 49% interest, from SnipGold Corp. (“SnipGold”) a wholly owned subsidiary of Seabridge Gold Inc. in the KSP Property as previously announced on August 4, 2017 (the “Transaction”). SnipGold will retain a2% NSR on the KSP Property (half of which can be repurchased at any time for $2,000,000).
The Company has closed the Transaction and has made the cash payment of $1,000,000 and issued 2,000,000 common shares to Snipgold. All securities issued by the Companyin connection with the Transaction are subject to a statutory four month hold period expiring on December 11, 2017.
Colorado Resources Ltd. is currently engaged in the business of mineral exploration for the purpose of acquiring and advancing mineral properties located in British Columbia and Nevada.