May 25, 2015
Kermode/Boss Eastgate Agreement
Kermode is pleased to announce it has reached agreement to sell part of its interest in its Nevada Eastgate gold project to Boss Power.
Under the terms of the agreement, Boss will purchase one-half of Kermode's 30% interest in the property for US$250,000 and have the right to participate with Kermode in the underlying agreement that Kermode has with Blue Ridge Gold (see NR May 10,2012).
Boss will purchase, in two transactions, each involving the payment of US$ 200,000 to Blue Ridge for an additional 15% interest, the next 30% interest in the Eastgate property.
Following the completion of the purchases, Boss will hold a 45% interest, Kermode will hold a 15% interest and Blue Ridge will hold the remaining 40% interest in the Property subject to the Blue Ridge agreement with Kermode.
Subject to Boss completing the purchase of an aggregate 45% interest in the Property, Kermode and Boss will jointly and equally participate in the remaining purchases of a 15% interest and a 25% interest in the Property pursuant to and as contemplated by the Blue Ridge Agreement.
Either Kermode or Boss may elect not to complete its share of the purchases and the other Party may complete the purchases entirely for its own account or may also elect not to complete its share in which case they will enter into a joint venture and joint venture agreement with each other and Blue Ridge pursuant to and as contemplated by the Blue Ridge Agreement.
ON BEHALF OF THE BOARD
"D. Neil Briggs"
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 News Release.