May 27, 2016
Vancouver, BC: Metallis Resources Inc. (TSX-V: MTS) Metallis Resources Inc. (“Metallis”) is pleased to announce that it has entered into an agreement with Seahawk Ventures Inc. (“Seahawk”) to sell a 100% undivided interest in 9 mineral claims known as the Mackenzie Mountains Iron-Copper Property (the “Mackenzie Property”) located in the Mackenzie Mining District, Northwest Territories, Canada (the “Agreement”).
Consideration to Metallis consists of a $5,000 non-refundable deposit, $26,650 for costs of renewing the claims, and 75,000 common shares of Seahawk. Seahawk is listed on the CSE Exchange under the symbol SHV.
Metallis retains a 2% net smelter returns royalty on the Mackenzie Property (the “Royalty Interest”). Seahawk may elect to purchase all or a part of the Royalty Interest for a purchase price of $500,000 for each one-half of one percent of the Royalty Interest up to an aggregate purchase price of $2,000,000.
The Agreement is subject to receipt of applicable stock exchange approvals by the parties.
Metallis is divesting the Mackenzie Property to concentrate on its Kirkham Property in the Golden Triangle situated in Northwestern British Columbia.
On behalf of the Board of Directors:
/s/ “Fiore Aliperti”
Chief Executive Officer, President and Director
For further information:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. The TSX-V Stock Exchange has neither approved nor disapproved the contents of this news release.