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Aston Bay Enters into Option Agreement with American West for the Storm Project


On March 9, 2021, Aston Bay Holdings Ltd. entered into an option agreement with American West Metals Limited (“AWML”) and Tornado Metals Ltd. (“American West”), a wholly-owned subsidiary of AWML, pursuant to which American West has an option to earn an 80% interest in Aston Bay’s Storm Project by spending a minimum of $10 million on qualifying exploration expenditures over a period of up to nine years. American West will make a cash payment of $500,000 to Aston Bay on closing of the option agreement. In order to exercise the option, American West must incur not less than $2 million in expenditures during the first two consecutive field seasons and not less than $8 million in expenditures during the seven consecutive field seasons after satisfaction of the first commitment.

The Storm Project consists of 117 mining claims and 6 prospecting permits in Nunavut, Canada.

Cassels acted for Aston Bay.

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