VANCOUVER, BRITISH COLUMBIA – SEPTEMBER 13, 2016: ALTAIR RESOURCES INC. (“Altair” or the “Company”) (TSXV: AVX; Germany FRA: 90A; ISIN: CA02137W1014; WKN: WKN A2ALMP) Mr. John Huguet, Chairman of the Board, is pleased to announce the signing of a definitive agreement with an arm’s length company, to acquire 100% of Epic Mining Corp. which in turn owns 99% of Panamericana SAC. Panamericana SAC owns a resource property in Peru covering approximately 900 hectares. Final materials are being submitted to the TSX Venture Exchange and on acceptance of final materials the Company will close on this acquisition.
Through the acquisition, Altair will hold 100% of the rights, title and interest in the 900 Ha Lejin property. A total of 700 Ha of the Leijin property is surrounded on three sides by HudBay Minerals Inc.’s holdings adjacent to their operating Constancia Mine in the Province of Chumbivilcas in southern Peru. HudBay invested $1.7 billion in the construction of the Constancia Mine and achieved commercial production in April 2015. The Constancia Mine is an open pit operation with a 22 year life primarily extracting copper with additional molybdenum and silver credits. The Company has a team in Peru ready to perform a full property review and generate drill targets.
Mr. John Huguet reports “We are pleased to finally get all the documentation completed allowing us to proceed with a full geological property review”. Follow our website to see property maps.
The terms for the acquisition are that the Company will, on closing, issue 500,000 common shares and pay $60,125. A portion of the common shares issued will be subject to a voluntary trading restriction in addition to the statutory hold period of four months from closing. A total of 300,000 shares will be subject to voluntary trading restrictions as follows: 100,000 restricted from trading for six months; 100,000 restricted from trading for nine months; and 100,000 restricted from trading for twelve months. On closing the Company will pay a finder’s fee of 54,905 common shares of the company. Closing of the transaction is subject to acceptance of filings with the TSX Venture Exchange.
ON BEHALF OF THE BOARD,
John Huguet, FCPA, FCMA
Chairman and Independent Director