Definitive Agreement For The Bellehelen Project In Nevada

VANCOUVER - Silver Range Resources Ltd. has entered into a definitive agreement related to the Bellehelen Project in Nye County, Central Nevada.

Pursuant to the terms of a Letter of Intent in August, Silver Range has signed a definitive agreement with Excalibur Metals Corp., a private British Columbia company, granting Excalibur an option to purchase a 100% interest in the Bellehelen Project. Consideration to be received by Silver Range for the option will include: (i) $300,000 in cash payments and 200,000 Excalibur shares over four years; (ii) a 2% net smelter return; and (iii) a US $2 per ounce (gold-equivalent) payment on any future defined resource payable on the exercise of the option. Excalibur is required to complete a listing on a Canadian stock exchange by May 30, 2023.

The Bellehelen Project is a low sulphidation epithermal silver-gold prospect consisting of 90 Federal Lode Claims, approximately 70 km east of Tonopah. The claims cover most of the historic Bellehelen Mining District. Silver and gold were discovered in the Bellehelen Mining District around 1904. The area saw limited production from 1909 to 1927 and sporadic production during the 1930s. Total district production is estimated at 311,000 ounces silver-equivalent. Silver Range acquired the project in 2016 and since then has conducted prospecting, sampling, soil geochemical surveys, an airborne geophysical survey, and limited hand trenching.