Vancouver, B.C., March 20, 2020. QX Metals Corp. (TSX-V: QX.V) (“QX Metals” or the “Company”) announces that Raiden Resources Limited (“Raiden”), an Australian Securities Exchange-listed company, that has an option to earn into an initial 51% interest, and up to a 75% interest in the mineral exploration licenses covering the Kalabak and Zlatusha projects (“Kalabak License”, “Zlatusha License”) has given notice of “force majeure” under the option agreements, given the present situation with COVID-19 and declaration of a state of emergency in Bulgaria. The effect of this notice is that the period of time for performance of obligations by all parties to the option agreements is extended by the length of the period of the intervening force majeure.
QX Metals is the 100% holder of the Kalabak and Zlatusha Licenses, through its wholly-owned Bulgarian subsidiary Zelenrok EOOD (“Zelenrok”). Although Raiden is the party presently conducting mineral exploration activities under the option agreements, under the terms of the Kalabak and Zlatusha Licenses with the Bulgarian Ministry of Energy, Zelenrok is required to and is making the equivalent declaration of force majeure with the Bulgarian Ministry of Energy so as to extend the time frames (vis-a-vis Ministry of Energy requirements) that are otherwise contained in the Kalabak and Zlatusha Licenses.
About QX Metals Corp.
QX Metals Corp. is a discovery-focused mineral exploration company that strives to make high-reward discoveries in regions with proven mineral wealth. We leverage our proven technical skills and extensive corporate network to de-risk our exploration process, increase our probability of success and enhance shareholder value. The Company is focused on precious and base metal projects located in top-tier mineral districts that contain significant historical production, existing mining infrastructure and an established mining culture.
President and CEO, QX Metals Corp.
For further information regarding QX Metals, please visit our website at www.qxmetals.ca.
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