Searchlight Resources Inc (SCLTF)

[MONEYMADE]

Toronto, Ontario--(Newsfile Corp. - April 30, 2015) - Crown Mining Corporation, (TSXV: CWM) ("Crown" or the "Company") is pleased to announce that it has signed a letter of intent with Canyon Copper Corp. (TSXV: CNC) ("Canyon") whereby the parties have agreed to enter into a definitive agreement (the "Definitive Agreement") setting forth the terms of the proposed sale of the Moonlight Property to Crown (the "Transaction").
Under the proposed terms of the Definitive Agreement, Canyon will transfer all of its interest in and to the Moonlight Property to Crown and, in consideration for which, Crown will pay Canyon CAD $350,000 and issue 2,000,000 common shares of Crown on closing of the Definitive Agreement.
Under the letter of intent, Canyon has granted Crown the exclusive right to negotiate the acquisition of the Moonlight Property until July 31, 2015. In consideration of this right, Crown has paid Canyon CAD $6,250.
The closing of the Transaction will be subject to customary conditions as well as (A) the existing advanced royalty holders (the "Advanced Royalty Holders") approving the: (i) elimination of the advanced royalty payments, (ii) an increase in each of the Advance Royalty Holder's net smelter returns from 1.0% to 1.25%, and (iii) the issuance of 300,000 common shares of Crown to each of the Advance Royalty Holders, (B) acceptance by the TSX Venture Exchange of the Definitive Agreement and the transactions contemplated therein, and (C) approval of the shareholders of Canyon of the Transaction.
The parties have until July 31, 2015 to settle the Definitive Agreement. If the Definitive Agreement is not executed by that date, the letter of intent will terminate.
About the Moonlight Property
The Moonlight property is adjacent to Crown's Superior project in California, and it hosts a current National Instrument 43-101 ("NI 43-101") compliant indicated resource of approximately 161 million tons averaging 0.324% copper, 0.003 ounces of gold and 0.112 ounces of silver per ton, and an inferred resource of 88 million tons averaging 0.282% copper per ton. Further details of this resource can be found in the Technical Report on the Moonlight Copper Property dated April 12, 2007 at Sedar.com.
About Crown
Crown is focused on advancing its 100% controlled Superior Copper Project in Northeast California. The Superior Project has an inferred mineral resource of 57 million metric tonnes at an average grade of 0.43% with 547 million pounds of contained copper in 2 deposits. Further details of this resource can be found in the Technical Report on the Superior Project dated November 7, 2014 at Sedar.com.
Mr. George Cole is the Qualified Person pursuant to NI 43-101 responsible for the technical information contained in this news release, and he has reviewed and approved this news release.
For more information please see the Crown website at www.crowngoldcorp.com.
For Further Information Contact:
Mr. Stephen Dunn, President, CEO and Director, Crown Mining Corporation [phone] or email [e-mail].