ACN (TSX-V)
TORONTO,
Nov. 1, 2013 /CNW/ - Asher
Resources Corporation ("Asher" or the "Company") (TSX-V:
ACN) is pleased to announce that pursuant to the amended option
agreement dated October 10, 2013 with
Aurion Resources Ltd. (the "Optionor") and Cazador Resources Ltd.
("Cazador"), the Company has issued 650,000 common shares to the
Optionor and 250,000 common shares to Cazador in lieu of final cash
payments required on the Lavington Property. All securities issued
have a hold period expiring March 1,
2014.
"Asher is fully committed to being fiscally
prudent during this difficult time in the junior exploration
sector" commented Richard Buzbuzian,
President and CEO, Asher Resources Corp. "This transaction
effectively eliminated all further cash payments that otherwise
would have been made directly from Asher's treasury. Our
exploration programs at both King Mine in Nevada USA and the Lavington Property in BC
are now both fully funded for 2013 and 2014 and Asher estimates a
cash balance of approximately $1
million at the end of this 12 month period leaving us well
funded for our future."
The Company has now made all of the option
payments required in order to earn a 100% legal and beneficial
interest in the Lavington Property, subject to completion of its
final work commitment by June 30,
2014. An advance royalty payment of $40,000 per annum will remain payable to Cazador,
and a 2% NSR has been reserved to each of the Optionor and
Cazador.
About Asher Resources:
Asher Resources Corporation is a gold
exploration company headquartered in Toronto, Ontario, with a regional office in
Reno, Nevada. Asher's
mission is to discover and develop high quality North American
precious metal resources with its current focus in southern B.C.
and the Nevada Great Basin.
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 or accuracy of this release.
The forward-looking information contained in
this press release is made as of the date hereof and Asher
undertakes no obligation to update publicly or revise any
forward-looking information, whether as a result of new
information, future events or otherwise, unless so required by
applicable securities laws.
SOURCE Asher Resources Corporation