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PRESS RELEASE: Margaux Resources Ltd. Terminates its Jackpot and Old Timer Option Agreements

| Quelle: Dow Jones Newsw... | Lesedauer etwa 4 min. | Text vorlesen Stop Pause Fortsetzen


DGAP-News: Margaux Resources Ltd. / Key word(s): Miscellaneous
Margaux Resources Ltd. Terminates its Jackpot and Old Timer Option
Agreements

2020-01-24 / 22:15
The issuer is solely responsible for the content of this announcement.

Calgary, Alberta(Newsfile Corp. - January 24, 2020) - Margaux Resources
Ltd. (TSXV: MRL) (OTCQB: MARFF) ("Margaux" or the "Company") has elected to
terminate the option agreements on the Jackpot and Old Timer properties in
southern British Columbia.

Margaux entered into an option agreement with a third party in 2016 giving
the Company the exclusive option to acquire the Jackpot Property by making
payments to the third party of an aggregate $340,000 cash and aggregate
issuance of 500,000 shares, paid in several installments over 6 years.

Margaux entered into an option agreement with a third party in 2019 giving
the Company the exclusive option to acquire 100% interest in the Old Timer
Property by making payments to the third party of an aggregate $50,000 cash
and 500,000 shares, paid in several installments over a 4-year period.

The remaining payments on the Jackpot and Old Timer properties were
determined by Margaux's board of directors to be unjustifiable in light of
current market conditions and metal prices, and no longer in the best
interest of the Company's shareholders. As a result of the terminations,
Margaux will forfeit the aggregate payments of $100,000 and 350,000 shares
issued pursuant to the Jackpot option agreement, and the aggregate payments
of $5,000 and 50,000 shares issued pursuant to the Old Timer option
agreement.

Going forward, the Company will focus on gold exploration at targets
identified on the Cassiar Gold Project and the Sheep Creek Gold District.

*About Margaux Resources Ltd.*

Margaux Resources Ltd. (TSXV: MRL) (OTCQB: MARFF) is a mineral acquisition
and exploration company focused on gold exploration within British Columbia.
The Company has two important assets, the Cassiar Gold Project and the Sheep
Creek Gold Project. Both are orogenic gold projects.

*Forward Looking Statements*

This press release may contain forward looking statements including those
describing Margaux's future plans and the expectations of management that a
stated result or condition will occur. Any statement addressing future
events or conditions necessarily involves inherent risk and uncertainty.
Actual results can differ materially from those anticipated by management at
the time of writing due to many factors, the majority of which are beyond
the control of Margaux and its management. In particular, this news release
contains forward-looking statements pertaining, directly or indirectly, to
the following: Margaux's exploration plans and work commitments, and
economic factors, business and operations strategies. Although Margaux
believes that the expectations reflected in these forward-looking statements
are reasonably, undue reliance should not be placed on them because Margaux
can give no assurance that they will prove to be correct. Readers are
cautioned that the foregoing list of risk factors should not be construed as
exhaustive. These statements speak only as of the date of this release or as
of the date specified in the documents referenced by this release, as the
case may be. The Company undertakes no obligation to publicly update or
revise any forward-looking statements except as expressly required by
applicable securities laws.

*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.*

*CONTACT INFORMATION*

Margaux Resources Ltd.
Tyler Rice
President, CEO and a Director
(403) 537-5590
Tyler@margauxresources.com

To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/51807 [1]

Click on, or paste the following link into your web browser,to view the
associated documents http://www.newsfilecorp.com/release/51807
News Source: Newsfile

2020-01-24 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
Language: English
Company: Margaux Resources Ltd.

Canada
ISIN: CA56660Q2045
EQS News ID: 961057

End of News DGAP News Service

961057 2020-01-24


1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=e7b8f3c4cd08385ae63ce502ea4a2e5e&application_id=961057&site_id=vwd&application_name=news


(END) Dow Jones Newswires

January 24, 2020 16:15 ET ( 21:15 GMT)
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