DOUBLEVIEW CAPITAL CORP. (“Doubleview”) (TSX-V: DBV) is pleased to announce that it has completed its Qualifying Transaction, which is an option to acquire up to a 100% interest in the Mount Milligan North Property located in Omineca Mining Division of British Columbia. Doubleview’s common shares commenced trading today, on July 22, 2011, as a Tier 2 mining issuer, under the symbol “DBV”.
As previously announced, Doubleview entered into an option agreement dated February 22, 2011 (the “Agreement”) with 0895277 B.C. Ltd. (the “Optionor”), a company controlled by Farshad Shirvani, whereby the Optionor has granted Doubleview an option to acquire a 100% interest in the Mount Milligan North Property.
Under the terms of the Agreement, Doubleview will be able to acquire a 100% interest in the Mount Milligan North Property by paying $50,000 to the Optionor on the date of the final Exchange bulletin (the “Exchange Approval Date”), and issuing the Optionor 1,200,000 common shares of Doubleview on the Exchange Approval Date and warrants to purchase 1,000,000 common shares of Doubleview by the second anniversary of the Exchange Approval Date. Doubleview will also be required to incur the following exploration expenditures: a minimum of $200,000 in exploration expenditures on the Mount Milligan North Property by the first anniversary of the Exchange Approval Date, and a minimum of $300,000 in exploration expenditures on the Mount Milligan North Property by the second anniversary of the Exchange Approval Date.
In addition, the Optionor will retain a 2% net smelter return royalty (the “Royalty”) on the Mount Milligan North Property. Doubleview may purchase 1% of the Royalty by paying the Optionor $1,000,000.
As the transaction constituted a Non-Arms Length Party Qualifying Transaction, the transaction was approved by the shareholders, by way of “Majority of the Minority Approval”, at Doubleview’s annual and special meeting held on June 6, 2011. The terms of the Qualifying Transaction are disclosed in Doubleview’s management information circular dated May 4, 2011 (the “Information Circular”), which is available for viewing at www.sedar.com.
About the Mount Milligan North Property
The Mount Milligan North Property comprises 26 contiguous mineral tenures totaling 8,390 hectares and is located approximately 165 kilometres northwest of Prince George, British Columbia. The Mount Milligan North Property is accessed by Germansen North Forest Service Road 112 kilometres from Fort St. James and then easterly along well-used logging roads and a network of former haul roads. The nearby Mount Milligan copper-gold deposit currently is being developed by Thompson Creek Metals Co. Inc. On the basis of preliminary evaluation work by the previous owner, including soil geochemical surveys, Doubleview and its technical advisers believe that the Mount Milligan North property exhibits geologic characteristics similar to those present at the Mount Milligan mine. However, Doubleview has not verified the information on the Mount Milligan mine and the information is not necessarily indicative of mineralization at the Mount Milligan North Property. A program to further explore the property is planned and will commence immediately.
Erik A. Ostensoe, P. Geo, an independent consulting geologist, is Doubleview’s Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, with respect to the Mount Milligan North property and has reviewed and approved the contents of this news release.
For further information please contact:
Doubleview Capital Corp.
Suite 310, 675 West Hastings Street
Vancouver, BC V6B 1N2
Farshad Shirvani, Chief Executive Officer and President
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Doubleview cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Doubleview’s control. Such factors include, among other things: risks and uncertainties relating to Doubleview’s ability to complete the proposed exploration program on the Mount Milligan North Property, Doubleview’s limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially form the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Doubleview undertakes no obligation to publicly update or revise forward-looking information.
NEITHER 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.