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Vela Minerals Acquires 100% Stake in Mavis Bank and Port Antonio Properties

Vela Minerals Ltd. (VLA.V) has acquired a 100% interest in Mavis Bank and Port Antonio Special Exclusive Prospecting Licenses in Jamaica, which total 126 square kilometres.

The Port Antonio and Mavis Bank Properties are subject to a 2% net smelter royalty. The agreement supersedes the option agreement dated March 1, 2013 to acquire a 90% interest in the Mavis Bank property; the company will have paid a total of US$140,000 to the vendor to acquire a 100% undivided interest in the Property. The NSR can be purchased at a rate of US$1 million per percent per property.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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