| ||October 20, 2016|
Completes Sale of the Sal Rica Project
| ||Mesa Exploration Corp. (TSX-V: MSA, OTCPK: MSAJF) (the "Company" or "Mesa") is pleased to announce that further to its press release September 22, 2016 the Company has completed the sale of its mineral claims that constitute the Sal Rica project to Uranium Resources, Inc. (Nasdaq: URRE; ASX: URI) (URI).|
Under the terms of the agreement between URI and Mesa, URI acquired an undivided 100 percent interest in the Sal Rica project, subject to a 2 percent net smelter return royalty (NSR), for the following consideration:
• $50,000 paid in cash to Mesa at closing;
• 100,000 common shares of URI issued to Mesa at closing, which are subject to a registration statement to be filed by URI with the United States Securities Exchange Commission (the "SEC") within 28 days of the issuance of the shares; and
• an additional 100,000 common shares of URI to be issued to Mesa on the first anniversary date of closing, which will be subject to a registration statement to be filed by URI with the SEC within 28 days of the issuance of the shares.
About Mesa Exploration:
Mesa is exploring a portfolio potash, gold and silver mineral properties in the United States where it controls significant land holdings in proven mining districts with excellent access and infrastructure. Mesa currently has 16.12 million shares issued and outstanding, 50% of the shares are controlled by insiders and institutions. For further information please visit our website at www.MesaExploration.com.
ON BEHALF OF THE BOARD
MESA EXPLORATION CORP.
(signed) Foster Wilson, President and CEO
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include the Transaction may not close by the anticipated closing date or at all, unsuccessful exploration results, changes in metals prices, changes in the availability of funding for mineral exploration, unanticipated changes in key management personnel and general economic conditions. Mining is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. For more information on the Company and the risks and challenges of its business, investors should review the Company's annual filings that are available at www.sedar.com
For further information call:
Corporate Communications, 775-771-5219
Neither the 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 of accuracy of this release.
You can view the Next News Releases item: Wed Oct 26, 2016, Acquires Blue Wing Lithium Project
You can view the Previous News Releases item: Fri Oct 14, 2016, Settles Debt
You can return to the main News Releases page, or press the Back button on your browser.