Adamera Signs Letter Agreement to Sell Kam, Hawk and other South Baker Uranium Projects
Vancouver, BC, November 29, 2013 -- Adamera Minerals Corp. (TSX V: ADZ) -- announces it has entered into a binding letter agreement dated November 26th 2013 with Red Star Capital Ventures Inc. (NEX: RSM.H) to sell a 100% interest in the Kam, Hawk and South Baker properties located in the territory of Nunavut, Canada (collectively, the "Properties").
In consideration for the Properties, Red Star will pay to Adamera Minerals Corp the sum of $100,000 cash and will issue 1,000,000 common shares of the Company. Red Star will grant Adamera a 2% net smelter return royalty with respect to the Properties, 1% of which may be purchased by Red Star for $1,000,000.
The Properties are located in Nunavut, Canada and are part of a large portfolio of northern projects held by Adamera Minerals.
"This is a positive transaction for both Adamera and Red Star. Kam and Hawk are highly prospective projects that clearly warrant further advancement by a company focused on uranium exploration. Realizing value for our northern projects is a very important part of our overall strategy as we explore and focus on our projects in Washington State," says Mark Kolebaba, President and CEO of Adamera Minerals Corp.
The completion of this transaction is subject to approval by TSX-V, Red Star directors and a final Definitive Agreement.
Adamera Minerals is actively engaged in obtaining value for its uranium, gold, base metal and diamond projects located in northern Canada. For a complete listing of our projects please see our website www.adamera.com.
Adamera Minerals is currently focused on discovering high-grade gold mineralization in Washington State and is currently advancing 5 projects near the operating Kinross Kettle River Mill.
On behalf of the Board of Directors,
President & CEO
For additional information please contact:
Manager, Corporate Communications
Tel: (604) 689-2010
Fax: (604) 484-7143
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.