Ridgestone enters option to acquire Las Pilas

Executive Summary

• Ridgestone Mining Inc. has entered into an option agreement to acquire a 100% interest in the Las Pilas rare earth and critical minerals project located in Southern British Columbia, Canada.
• The acquisition involves a multi-stage payment structure including cash payments, share issuances, and mandatory exploration expenditures over three years.
• The property consists of over 5,400 hectares of mineral claims and applications in the historical Greenwood mining district, targeting fluorite and rare earth mineralization.

Key Details

• Transaction Structure: The company acquired the project via an option agreement subject to TSX Venture Exchange acceptance for filing.
• Initial Payment: Ridgestone must pay $20,000 and issue 200,000 common shares to the owners at a deemed price of 10.5 cents per share upon regulatory approval.
• Share Hold Period: The initial 200,000 shares are subject to a four-month-and-one-day hold period from issuance.
• Option Exercise Terms: To fully exercise the option, Ridgestone must:
  • Pay an additional $300,000 in cash.
  • Issue an additional 300,000 common shares.
  • Incur a minimum of $600,000 in exploration expenditures on the property over a three-year period.
• Royalty Interest: The agreement includes a 2% Net Smelter Return (NSR) interest in favor of the owners.
• NSR Buyback Option: Ridgestone has the right to purchase half of the 2% NSR royalty (1% total) for a one-time payment of $1 million.
• Property Location: The Las Pilas project is located in the Greenwood-Grand Forks area of south-central British Columbia within the historical Greenwood mining district.
• Property Size: The project consists of two mineral claims totaling 1,202.02 hectares and seven mineral title applications covering an additional 4,236.81 hectares (Total: 5,438.83 hectares).
• Geological Context: The project encompasses the Rock Candy Creek fluorite occurrence and adjacent structurally permissive terrain. It captures a fault system that trends northward toward Kennedy Creek and Fluorine Lake.
• Historical Significance: The area features historically mined fluorite occurrences where small-scale operations exploited high-grade mineralization from structurally controlled veins and breccias, confirming the presence of an effective hydrothermal system related to Eocene extension and magmatism.

Notable Quotes

• None provided in the text.