Thundermin Receives Offer from Cornerstone to Purchase Cornerstone's 50% Interest in the Little Deer Copper Project, Newfoundland
Published : July 30, 2013
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Keywords :   Canada | Chrome | Climatic | Copper | Diamond | Gold | Lead | Market | Silver | Titanium | Vanadium |

TORONTO, ONTARIO--(Marketwired - July 30, 2013) - Thundermin Resources Inc. ("Thundermin") (News - Market indicators) announces that it has received a binding offer from Cornerstone Capital Resources Inc. ("Cornerstone") to sell its 50% participating interest in the Little Deer Joint Venture property ("Little Deer") to Thundermin. John B. Heslop, President and Chief Executive Officer of Thundermin said, "We believe that Little Deer is a very valuable asset for Thundermin and we will assess the Cornerstone offer and make a decision prior to the expiry date of the offer."

The purchase price is $550,000 plus a 0.75% net smelter returns royalty ("NSR") on Cornerstone's proportionate share of all products produced from Little Deer. The purchase price may, at Thundermin's election, be paid in cash only or alternatively with $200,000 in cash and the balance in shares of Thundermin. Thundermin's right to purchase the Cornerstone 50% interest expires on September 15, 2013. Should Thundermin elect to purchase the Cornerstone interest, then Thundermin will own a 100% interest in Little Deer.

Should Thundermin elect not to exercise its right to purchase Cornerstone's 50% interest, then Cornerstone may sell that interest to an independent third party for the same financial consideration and the purchaser will be bound by the terms and conditions of the current Thundermin - Cornerstone Joint Venture Agreement under which Thundermin has the right to increase its interest to 75%. A purchaser may, at any time, purchase 0.50% of the 0.75% NSR from Cornerstone for $500,000 and, at any time following the completion of a feasibility study on Little Deer, purchase the remaining 0.25% NSR from Cornerstone for fair market value as determined by the feasibility study.

The Little Deer copper project, located approximately 10 km north of Springdale in north-central Newfoundland, hosts the Little Deer and Whalesback copper deposits. On June 22, 2011 and July 26, 2012, National Instrument 43-101 ("NI 43-101") compliant mineral resource estimates, which were undertaken by P&E Mining Consultants Inc. ("P&E") of Toronto, Ontario, were announced for Little Deer and Whalesback, respectively. P&E estimated that Little Deer contains Indicated Resources of 1,911,000 tonnes ("t") at an average grade of 2.37% Cu (99.8 million lbs. Cu) and additional Inferred Resources of 3,748,000 t at an average grade of 2.13% Cu (176.0 million lbs. of Cu). P&E estimated that Whalesback contains Indicated Resources of 797,000 tonnes grading 1.67% Cu (29.3 million lbs. Cu) and Inferred Resources of 443,000 tonnes grading 1.57% Cu (15.3 million lbs. Cu). On a combined basis, Little Deer and Whalesback are estimated to contain Indicated Resources of 2,708,000 tonnes grading 2.16% Cu (129.1 million lbs. Cu) and Inferred Resources of 4,191,000 tonnes grading 2.07% Cu (191.3 million lbs. Cu).

On November 1, 2011, results of a positive Preliminary Economic Assessment ("PEA") for the Little Deer copper deposit, on a stand-alone basis, were announced that indicate that there is potential to develop the Little Deer copper deposit on an attractive economic basis at current copper prices. The discovery of new copper resources at Whalesback during 2012, because of their proximity to Little Deer, expand the total mineral resources available for mining and may enhance the overall economics of establishing a new mining operation at Little Deer.

Qualified Persons

The NI 43-101 mineral resource estimates and PEA referred to above were prepared under the supervision of Mr. Eugene J. Puritch, P. Eng., President of P&E. Mr. Puritch is an independent Qualified Person ("Q.P.") in accordance with NI 43-101.

Mr. Andrew Hussey, P.Geo., is the Q.P. responsible for supervising all of the drilling programs at Little Deer and Whalesback for the purposes of NI 43-101.

About Thundermin

Thundermin is a Canadian-based mineral exploration company focused on the exploration for and the discovery of economically viable base metal and gold deposits in Canada. Thundermin has an interest in, or the right to earn an interest in 12 base metal and gold properties in Canada. Thundermin owns a 100% interest in the Lebel Township gold property, which is located on the Kirkland Lake Main Break in the prolific Kirkland Lake gold camp. Thundermin has the right to earn a 100% interest in eight exploration licenses covering a large portion of the Stirling volcanogenic massive zinc-lead-copper- silver-gold sulphide belt located on Cape Breton Island, Nova Scotia. An initial Diamond drill program undertaken on the property in 2012 was successful in intersecting copper mineralization in porphyritic volcanic rocks similar to those known to host massive sulphide deposits elsewhere. Thundermin has royalty interests in 12 base metal and gold properties located in Manitoba, Saskatchewan, British Columbia and Quebec, the most significant being a 2.5% net smelter return royalty in the Pelletier Lake gold deposit which is under option to QMX Gold Corporation. The Pelletier Lake property is currently in arbitration with Thundermin aiming to regain full ownership of the property. Thundermin also has various shareholdings in fifteen other junior resource companies that are actively exploring for base metal, gold, chrome, vanadium-titanium and Diamond deposits in Canada.

Forward-Looking Statements

This news release may contain "Forward-Looking Statements" that involve risks and uncertainties, such as statements of Thundermin's plans, objectives, strategies, intentions and expectations. The words "potential," "anticipate," "forecast," "believe," "estimate," "expect," "may," "project," "plan," and similar expressions are intended to be among the statements that identify "Forward -Looking Statements". Although Thundermin believes that its expectations reflected in these "Forward-Looking Statements" are reasonable, such statements may involve unknown risks, uncertainties and other factors disclosed in our regulatory filings that can be viewed on the SEDAR website at www.sedar.com. For us, uncertainties arise from the behavior of financial and metals markets and from numerous other matters of national, regional, and global scale, including those of an environmental, climatic, natural, political, economic, business, competitive, or regulatory nature. These uncertainties may cause our actual future results to be materially different than those expressed in our "Forward-Looking Statements". Although Thundermin believes the facts and information contained in this news release to be as correct and current as possible, Thundermin does not warrant or make any representation as to the accuracy, validity or completeness of any facts or information contained herein and these statements should not be relied upon as representing its views subsequent to the date of this news release.

For further information on Thundermin Resources Inc. please visit Thundermin's website at www.thundermin.com or the SEDAR website at www.sedar.com.



Thundermin Resources Inc.
John B. Heslop
President & CEO
(647) 344-1167
or
Thundermin Resources Inc.
James W. Gill
Chairman
(416) 450-1851
www.thundermin.com
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Thundermin Resources Inc

PRODUCER
CODE : THR.TO
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Thundermin is a zinc and gold producing company based in Canada.

Thundermin holds various exploration projects in Canada.

Its main asset in production is PELLETIER LAKE (STADACONA MINE) in Canada and its main exploration properties are LAC PELLETIER, ROD-LINDA-MCKAYSEFF (RLM), SCOTT LAKE, CAPE RAY, LITTLE DEER, DONALDA, PELLETIER LAKE and WESTARM MINE in Canada.

Thundermin is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 1.8 millions as of today (US$ 1.8 millions, € 1.3 millions).

Its stock quote reached its highest recent level on December 31, 2007 at CA$ 0.58, and its lowest recent point on September 27, 2013 at CA$ 0.01.

Thundermin has 92 207 000 shares outstanding.

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Annual reports of Thundermin Resources Inc
2008 Annual Report
Financings of Thundermin Resources Inc
1/3/2012Completes $1,219,140 Flow Through Private Placement
11/29/2011Announces Non-Brokered Private Placement of Up to $1,500,000
2/11/2011Arranges Up to $1,750,000 Flow Through Private Placement
Financials of Thundermin Resources Inc
4/14/2011. Re-Files September 30, 2010 Interim Financial Statements t...
Project news of Thundermin Resources Inc
10/16/2013(Little Deer)and Rambler Metals Become Joint Venture Partners on the Litt...
7/30/2013(Little Deer)Receives Offer from Cornerstone to Purchase Cornerstone's 50...
12/20/2011and Cornerstone File NI 43-101 Technical Report and Prelimin...
8/31/2011(Little Deer)and Cornerstone Exercise Their Option to Acquire A 100% Inte...
6/16/2011(Little Deer)and Cornerstone Report Final Drill Results for the First Hal...
Corporate news of Thundermin Resources Inc
9/13/2013. Responds to TSX Bulletin
8/13/2013.-Toronto Stock Exchange Listing
11/1/2012Discovers Additional Copper Mineralization on the Stirling B...
7/24/2012Commences 2,000 Metre Diamond Drilling Program on the Stirli...
6/28/2012and Cornerstone Retain P&E Mining Consultants Inc. to Undert...
5/10/2012and Cornerstone Extend Copper Mineralization at the Whalesba...
2/23/2012and Cornerstone Intersect High Grade Copper Mineralization a...
12/5/2011Receives Encouraging Results from a First Phase Exploration ...
8/9/2011(Little Deer)and Cornerstone File NI 43-101 Technical Report on Sedar in ...
7/21/2011Executes Formal Agreement to Earn a 100% Interest in a Large...
6/22/2011and Cornerstone Announce 66% Increase in Indicated and 61% I...
4/26/2011(Little Deer)& Cornerstone Intersect High Grade Copper Over Mineable Widt...
3/22/2011and Cornerstone Intersect 4.1% Copper Over 10.6 m and 4.5% C...
3/4/2011Completes $1 Million Flow Through Private Placement
10/31/2007 and Cornerstone intersect 2.5% Cu over 5.5 m at the Little ...
5/1/200707-09 - Cornerstone and Thundermin to Acquire 100% Interest ...
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