News Release No. 14-04
Rainy Mountain Enters into Agreement to sell its interest in the Hamlin-Deaty Creek Property –
Shebandowan Belt, Thunder Bay, Ontario
West Vancouver, British Columbia – September 22, 2014 – Rainy Mountain Royalty Corp. (the “Company” or “Rainy Mountain”) is pleased to announce that it has entered into an agreement (the “Agreement”) with Canoe Mining Ventures Corp. (“Canoe Mining”), Glencore Canada Corporation (“Glencore”) and Mega Uranium Ltd. (“Mega Uranium”), pursuant to which Canoe Mining is to purchase a 100% interest in the Hamlin-Deaty Creek Property (the “Property”) located in the Shebandowan Belt 110 km west of Thunder Bay, Ontario.
Current ownership of the Property is held in a joint venture between Glencore, Mega Uranium, and Rainy Mountain where Glencore is the operator and owner of a 51% interest, with Rainy Mountain and Mega Uranium each holding a 24.5% interest. Pursuant to the terms of the Agreement, and subject to the receipt of all required regulatory and exchange approval, in consideration for the Property, Canoe Mining has agreed to make a cash payment of $50,000 to Glencore and grant Glencore a 1% net smelter royalty (“NSR”), together with a right of first refusal for an off-take agreement. Additionally, Rainy Mountain and Mega Uranium will each be issued one million common shares of Canoe Mining.
For further information, contact Mr. Clive Shallow, Shareholder Communications, at 604-922-2030, or visit the Company’s website at www.rmroyalty.com.
Rainy Mountain Royalty Corp.
“Douglas L. Mason”
Douglas L. Mason, Chief Executive Officer
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.